There are some key requirements that you must meet before obtaining an FHA loan.
- You must show proof of stable earnings for the previous 2 years
- No late payments on your credit for the last 2 years. Furthermore you cannot have had a bankruptcy in the last 2 years or a home foreclosure in the last 3 years
- The new monthly payment on your FHA mortgage cannot exceed 30% of your gross income
- Must be a legal resident of the U.S., be of legal age, and also have a valid Social Security Number