Maintain continual employment for at least two years. If at all possible, this employment should be with the same employer.
Maintain the same income level for at least two years. It is even more favorable if an employees income has increased over the past two years.
Keep up to date on payments to creditors. If an applicant's credit report shows multiple late payments, he may limit his eligibility for an FHA Loan.
Applicants must not have a history of bankruptcy for the two years prior to applying for the FHA loan. Bankruptcies older than two years old will not prevent an individual from receiving an FHA loan, as long as the applicant's credit has not been negative after the bankruptcy was cleared.
Applicants should not have lost any property due to foreclosure for the three years before applying for an FHA Loan. If there is a history of foreclosure, the credit history since that time should be positive.
Future home owners must select a home that will have payments that are equal to or less than thirty percent of the household gross income.