Who is eligible for an FHA loan?

Individuals who are eligible for an FHA loan include first-time homebuyers, as well as those who have previously owned a home. The FHA loan program is open to both U.S. citizens and non-citizens, with certain residency requirements. Applicants must have a valid Social Security number and demonstrate a steady employment history, typically with at least two years of continuous employment. Additionally, a minimum credit score and debt-to-income ratio are required, although the specific requirements may vary. FHA loans aim to assist borrowers with low to moderate incomes, making homeownership more accessible. The eligibility criteria ensure that individuals meet the necessary financial stability and credit qualifications to qualify for an FHA loan.