What are the basic FHA loan qualification standards?
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Under FHA rules, in general terms up to 31 percent of your monthly income can be used property mortgage principal, mortgage interest, property taxes, and property insurance (PITI). Up to 43 percent of your income can be used for PITI plus monthly bills such as car payments, student loans, etc.
For instance, if you have a household income of $5,000 a month before taxes, 31 percent could be used for PITI — that’s $1,550 a month. For the back ratio, FHA guidelines allow 43 percent of your income, or $2,150 in this example. Ratios are 33/45 for FHA energy efficiency loans.
For specifics, please speak with local lenders.
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