Who’s Eligible?

If you qualify for a standard FHA loan then you’ll more than likely qualify for the streamline 203k program as well. Some investors have slightly higher credit criteria to qualify.

Eligibility requirements

• You must have a valid Social Security Number, be a legal resident of the United States and be of legal age to obtain a mortgage in your state.

• The lender verifies whether you can qualify for the mortgage by checking income, assets, debt load and credit history.

• Typically, the only income limitation is to have enough income to afford the mortgage in addition to other debt payments.  Utilities are not included in this calculation.

• Although there is not a minimum credit score required to qualify for FHA, your score is still examined to help determine the interest rate.  Most investors require a 640 or higher credit score to qualify.

next page: “Home Restrictions”