A borrower who has gone through requirements listed above can qualify for an FHA loan. Credit, income, and asset determine eligibility for an FHA home loan. Applicants will go through the process of verification and must submit all necessary documents to the lender.
What Do You Need To Get A Fha Loan · If you find out that you do not meet all of the requirements for an FHA mortgage, you may be able to get a waiver. Sometimes your real estate agent may be able to talk with local lenders and get you a waiver.A prequalification is helpful because it gives you a fairly strong indication of how likely you are to qualify for a mortgage – as long as what you verbally provided.