Many people are wondering what exactly must happen in order for someone to be eligible for an FHA loan.
In order to be eligible for an FHA loan in the US, you must be 18 years old and meet the following criteria:
- Must have a valid permanent Social Security number
- One occupant borrower must have a valid credit score. Non-traditional credit is not acceptable.
- Must occupy the subject property as a primary residence (except for Streamline Refinances without an appraisal that allows second homes and investment properties).
- The borrower’s primary residence must be in the U.S.
- Financing available to U.S. Citizens, Permanent Resident Aliens and Non-Permanent Resident Aliens
Permanent Resident Aliens
- Must provide evidence of lawful, permanent residency issued by the Bureau of Citizenship and Immigration Services ( BCIS), formally the INS.
- Provide copy of the Alien Registration Receipt Card (Resident Alien card), I-551.
Non-Permanent Resident Aliens
- Borrower must be able to work in the U.S.
- Evidence of residency and work status to be obtained through documentation-EAD (Employment Authorization Document) issued by the US Bureau of Citizenship and Immigration Services (BCIS), formally INS
- Copy of the Employment Authorization Card, I688B. Review expiration date to make sure card is still valid (A Social Security card is not evidence of work status).
Is there a maximum age that someone can get an FHA loan?
There is no maximum age limit for an applicant. The minimum age is the age that the mortgage note can be legally enforced in the state or other jurisdiction where the property is located. All applicants are evaluated on their ability to meet underwriting guidelines.