FHA insures mortgage loans made by approved FHA mortgage lenders to individuals that are approved to participate in FHA mortgage programs; HUD does not loan money to home buyers.
FHA’s mortgage lenders do NOT have maximum income limits for qualifying, although you must have sufficient income to qualify for an FHA mortgage payment and other debts. Income loan limits may be present when qualifying for down payment assistance or other secondary financing programs that may be used in conjunction with an FHA loan.
Generally, to be eligible for an FHA mortgage loan, you must have a valid social security number and have lawful residency in the United States and be of a legal age to sign on an FHA mortgage. FHA mortgage lenders will verify income, assets, liabilities, and credit history for all parties on the loan. Borrowers will find that with FHA mortgage borrowers with a past bad credit history and even borrowers with a no credit score or credit history can still qualify for an FHA mortgage.
Using FHA guidelines, FHA mortgage lenders will make a credit determination based on the merits of each case. To find out if you qualify, and how much you can borrow based on your income and debts, you should fill out our full FHA mortgage application.