Here's the lending guidelines for FHA loans:

• If your FICO score is between 500 and 579, you'll need a 10% down payment, but if your FICO score is 580+, you're only required to put down 3.5%.

• You must have verifiable employment over the prior two-year period.

• Your income must be verifiable by federal tax returns, check stubs, or bank statements.

• The loan must finance your primary residence.

• The property must meet HUD (The United States Department of Housing and Urban Development) guidelines and be appraised by an FHA-approved appraiser.

• Your back-end debt ratio, which comprises mortgage and all monthly debts, must be less than 50% less of your gross monthly income. (Some lenders round this number up to 57%)

• Your front-end debt ratio, which comprises just mortgage loan payments, should be no higher than 47% of your gross monthly income.

• If you've filed for bankruptcy, you must wait between one and two years to apply for an FHA loan and three years after a foreclosure. Be sure to ask a lender because some may make exceptions to waiting periods if your circumstances are extenuating.