FHA Loan Income Qualifications | Personal Finance
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FHA Loan Income Qualifications

The Federal Housing Authority (FHA) does not issue loans. Instead, it
offers insurance for loans that they approve to entice lenders to make
loans to individuals who might not otherwise qualify. A major
advantage of FHA loans is that they require a significantly lower down
payment, which can be a major hurdle for home buyers. The standards
for acceptance are also lower than most conventional mortgages.
Monthly Payment to Income QualificationsWhen lenders look at potential
borrowers for issuing a mortgage, they want to know that the person
has the income stream to make the payment each month. Lenders of FHA
loans look to see how your monthly mortgage payment compares to your
monthly income