New Jersey Mortgage Lenders - New Jersey Loan Officers: FHA Eligibility

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FHA Eligibility


Are you interested in the FHA loan? Since the 1930s, the U.S. government has installed programs that help homeowners borrow money to buy a house.

Not everyone is eligible for an FHA loan. You must meet certain criteria outlined by the Federal Housing Administration in order to be eligible for a loan.

Also, be prepared to provide lots of documentation and proof for the following items:

FHA Streamline Refinance

The FHA Streamline refinance was retooled in 2011 to help those already in an FHA mortgage take advantage of lower interest rates. Instead of getting your home appraised, you can refinance based on the original purchase price of the home and not its current value. This is extremely advantageous for those underwater in their FHA mortgages.

Although you do not have to verify your employment or income – or even have your credit pulled – on an FHA Streamline refinance you will need:
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