An FHA loan is typically one of the easiest mortgages to qualify for. These loans backed by US Department of Housing and Urban Development, hence making it easier for homeowners to qualify for a mortgage.
If you are a first-time home buyer or have less than perfect credit, then this option may be helpful for you.
Down payment as low as 3.5 percent, lower mortgage insurance and better rates as compared to a conventional loan are some of the best advantages this option has to offer.
Proven employment status with a steady or increasing income for at least 2 years, no more than two missed payments on your credit, monthly mortgage payment being roughly 30% of your gross income are some of the basic qualifying requirements for FHA loans.