Q&A: are FHA loan requirements the same for every bank?

Posted on Aug 12, 2012 in FHA Information

Question by whowhatwhenwhy: are FHA loan requirements the same for every bank?
My fiancé and i are in the supposed final stages of buying a house but we are running into trouble. She graduated from college less than a year ago and just got a full time job within the past 2 months. This was a problem for the first bank we went to because they needed at least 1 year of continuous work and would not take college as a reason, approved price so we are trying with another bank. Are the FHA requirements the same for all banks or can it vary?

Best answer:

Answer by Landlord
Yes, look everywhere they are exactly the same. No discrimination at all.

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One Comment

  1. The answer from Landlord is incorrect.

    No they are not the same everywhere, FHA has a set of guidelines that everyone must adhere to, but each lending institution can add their own policies called “overlays”. This is why it may be easier or more difficult with some lenders to get financing. This is one of the advantages of working with a mortgage broker; brokers have multiple sources of financing and can fit your situation to the best suited lender.