FHA Borrower Eligibility Guidelines
Generally, FHA will insure mortgages made to individuals only. Citizenship of the United States is not required for eligibility. When a FHA mortgage loan applicant indicates on the loan application that he or she holds something other than U.S. citizenship, the lender must determine residency status from the documentation provided by the borrower.
Permanent Resident Alien- If the borrower has a lawful permanent resident alien status, FHA will insure the mortgage under the same terms and conditions as U.S. citizens. Evidence of lawful permanent residency is required. Non-Permanent Resident Alien- FHA will also insure a mortgage made to a borrower if they are a non-permanent resident alien provided that the property will be the borrower's principal residence, the borrower has a valid Social Security Number (SSN), and the borrower is eligible to work in the United States. Please give us a call at 818-920-1600 if you are a non-permanent resident alien as there are other guidelines that may need to be considered. Borrower's Age- There is no maximum age limit for a borrower. The minimum age is the age at which the mortgage note can be enforced legally in the state or other jurisdiction in which the property is located. Military Personnel -Military personnel are considered occupant-owners and are eligible for maximum financing if a member of the immediate family will occupy the property as a principal residence, even if the service person is stationed elsewhere. Income- The anticipated amount of income, and the likelihood of its continuance, must be established to determine a borrower's capacity to repay mortgage debt. FHA mortgage loans are full documentation loans (except for the streamline refinance program). Income may not be used in calculating the borrower's income ratios if it comes from any source that cannot be verified, is not stable, or will not continue. See income documentation page for more information on FHA income guidelines. If you have any questions regarding obtaining an FHA mortgage loan, please give us a call at 818-920-1600. To apply for a FHA loan, please complete the application below to start the process and we will be in contact with you within 24 hours. Please note: The above information is just an overview of the FHA borrower eligibility guidelines used for underwriting an FHA mortgage loan, there may be other restrictions or guidelines that are not stated above. If you would like to discuss your personal situation, please E-mail or call us at 818-920-1600.Contact us today at 818-920-1600.
