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FHA Mortgage Loans

What is a FHA Loan?

An FHA loan is a mortgage issued by an FHA-approved lender and insured by the Federal Housing Administration (FHA). Designed for low-to-moderate income borrowers, FHA loans require lower minimum down payments and credit scores than many conventional loans.

Is an FHA Loan Right for You?

FHA loans are a good option for first-time homebuyers who may not have saved enough for a large down payment. Even borrowers who have suffered from bankruptcy or foreclosures may qualify for an FHA-backed mortgage.

If you are considering a FHA loan, it is important to speak with one of our loan specialists to see if you are eligible and to compare the benefits and drawbacks of this type of loan against other types of loans.

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We offer a no-hassle & easy quote without the formal application or credit check required. Just answer a few questions about your mortgage goals! We will review the information you provide with some recommendations and options from our team of experts!

FHA Loan Requirements 2022

FHA loan requirements include a minimum credit score of 500 if you can make a 10% down payment, as well as limits on your total monthly debt load.

FHA minimum credit score: 500

The FHA lets borrowers with credit scores as low as 500 be considered for home loans. However, it's important to bear in mind that while the FHA sets out guidelines for credit score minimums, FHA lenders may require higher minimum scores.

FHA minimum down payment: 3.5%

With an FHA loan, the minimum down payment depends on your credit score. If you have a credit score that's 580 or higher, the minimum down payment is 3.5%. If your score falls between 500 to 579, the minimum down payment required is 10%.

FHA debt-to-income ratio: 50% or less

Lenders pay attention to your debt-to-income ratio regardless of the type of mortgage you get, but the FHA actually looks at two different ratios: PTI & DTI.

FHA loan income requirements

The FHA doesn't have a minimum income or a maximum income limit. What's important is how consistent your income is and whether it looks like you can make payments for the foreseeable future. You'll need proof of income for that.

FHA loan limits

The property must meet FHA loan limits, which vary by county. In 2022, that’s generally $420,680 for single-family homes in low-cost areas and $970,800 in high-cost areas.

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