HUD audit for mortgage loan eligibility?

What are the qualifications for this loan?
Asked Jul 27, 2011
Generally, your house payment has to be less than 28 percent of your gross monthly income, and the percentage of long term debt shouldn't exceed 35 percent of your income. You must also have an acceptable FICA credit score.

The easiest way to deal with the qualifications is to choose a real estate agent and ask them to pre-qualify you. Based on the financial information you provide them, they can tell you what value home you should look for.
Answered Jul 28, 2011
Edited Jul 28, 2011
If your credit score is more than 580, you can qualify for a 3.5% down payment. If it is less than that, then your down payment will be 10%. Your credit history will also be checked and if you have filed bankruptcy within the last two years, then your application might be turned down. The FHA mortgage limits also vary from one state to another and it has to be lower than the mortgage limit in your neighborhood.

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