FHA Qualifications

Can I Qualify for an FHA Mortgage?

Qualifying for a home mortgage loan can be difficult, near impossible without a sizable down payment and a moderate credit report. If this describes you and your financial position, an FHA loan may be for you! There are fewer restrictions for FHA loan qualification in comparison to a standard mortgage loan. Qualifications for an FHA mortgage in Utah are:
 

  • Proven employment status of at least 2 years.
     
  • Steady or increasing income over a 2 year period.
     
  • History of on-time payment. No more than two missed payments on your credit.
     
  • If you've filed for bankruptcy you must wait at least 2 years and have good credit since you filed.
     
  • Those with foreclosures must wait at least 3 years since the most recent foreclosure.
     
  • Monthly mortgage payment should be roughly 30% of your gross income.
     
  • You must pay a minimum of a 3.5% down-payment.
     
  • Only certain properties are eligible - single-family homes, condominiums, double-wide manufactured homes, modular homes, and 2-4 unit properties.
     
  • The property must be your primary residence.


These are the basic qualifications for an FHA loan through Advanced Funding, as you can see FHA loans can be easier to qualify for. Apply online to get qualified today.
 

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Your Mortgage Broker

As a mortgage broker, we work with several Utah mortgage lenders, enabling us to offer you a variety of Utah mortgages at the best mortgage rates and lowest fees available. Working with several lenders allows us to offer more Utah home loans to help you achieve your goals. Whether you're buying a home or refinancing your current home, Advanced Funding is here to help. Our mortgage loan officers are available to help you during regular business hours or a time that is more suitable to your needs. Call today for more information, 801-272-0600.

Experience Matters

As a top mortgage company, Advanced Funding Home Mortgage Loans offers a variety of Utah mortgages and refinances. Our licensed Utah mortgage brokers are both knowledgeable and experienced to ensure you a pleasant home loan experience at the best interest rates available. We combine the use of technology, impeccable service, a dynamic management team, along with a well-trained, and experienced staff to produce results, such as great mortgage rates, low fees, and most importantly, a fast and pleasant loan experience.

Advanced Funding Home Mortgage Loans
6589 South 1300 East, Suite 200
Salt Lake City, UT 84121

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