What are the current FHA guidelines?

Buying a new home is one of the most important events in a family's lifetime. It's often hard for first time home buyers with less than perfect credit to qualify for a loan. This is why (FHA) Federal housing administration has established FHA home loans. FHA helps thousands of homebuyers get the help they need each year to qualify for a home loan. Anyone can apply for an FHA loan but they are often used by first time home buyers without a credit history or less than perfect credit. FHA mortgage guidelines make it clear about debt to income ratios and past credit discrepancies. If someone has had a bankruptcy within 2 years they may not qualify for an FHA loan.  And on average borrower cannot expend roughly 30% of their monthly income towards the housing payments. If married then both husband and wives income are incomes are taken into account. This ensures that borrowers can afford the loan that they are applying for.

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