To qualify there are a few criteria you will need to meet. First, you’ll need to demonstrate to your lender that you have the means to pay back the loan. So you will have to provide proof that you have been receiving a steady income over the previous two years. You will also be asked to show evidence that you are currently employed. And you must also have a valid Social Security number and lawful residency in the US. Borrowers must also have a property appraisal carried out by an FHA-approved appraiser. The property must meet the minimum standards of the FHA appraiser. If the seller doesn’t agree to the repairs the appraiser suggests, it is possible the borrower will have to pay for the repairs themselves.
In most cases you’ll need to be at least two years out of bankruptcy and have re-established good credit. Though exceptions are made in some cases. Similarly you must be three years out of foreclosure, although if there are extenuating circumstances as to why this is not possible, this can ignored. Once these criteria have been met, your credit score will be checked. At this point, if the lender is happy, then you can make a down payment on the loan.