FHA Loan Requirements
Whether you're a first-time homebuyer, moving to a new home, or want to refinance your existing conventional or FHA mortgage, the FHA loan program will let you purchase a home with a low down payment and flexible guidelines.
- The Facts About FHA Credit Requirements and FICO® Scores
- Do FHA Loan Requirements Apply to All Borrowers?
- Your FHA Loan Credit Qualifications
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FHA Limits for Announced!
FHA loan limits were established to define how much you can borrow for a HUD-backed mortgage. Each state has different limits, so be sure to look up your state to understand what is available for your FHA home loan.
For , the FHA floor was set at $498,257 for single-family home loans. This minimum lending amount covers most U.S. counties. The FHA ceiling represents the maximum loan amount and is illustrated in the table below.
FHA Limits (low cost areas) | |||
Single | Duplex | Tri-plex | Four-plex |
---|---|---|---|
$498,257 | $637,950 | $771,125 | $958,350 |
Also for 2024, the FHA ceiling was set at $1,149,825 for single-family home loans. This represents the highest amount that a borrower can get through the FHA loan program. It applies to high cost areas in the United States and is illustrated in the table below.
FHA Limits (high cost areas) | |||
Single | Duplex | Tri-plex | Four-plex |
---|---|---|---|
$1,149,825 | $1,472,250 | $1,779,525 | $2,211,600 |
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Down Payment Grants for FHA Loans
Paying the upfront costs of buying a new home can be challenging. To help overcome this hurdle, many local and state agencies offer down payment assistance in the form of grants or second mortgages.
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SEE YOUR CREDIT SCORES From All 3 Bureaus
Do you know what's on your credit report?
Learn what your score means.
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FHA Loan Articles and Mortgage News
April 24, 2024 - Finding or building your dream home means paying attention to many important details. Is the house you want large enough to live in for 5 to 10 years without outgrowing it? Is your house close enough to essential services like child care or school?
April 21, 2024 - Are home loans riskier in 2024 due to elevated potential for scams and fraud? Fraud prevention company Funding Shield reports high fraud vulnerability in roughly half of all portfolio loans, including residential mortgages, in the first three months of 2024.
April 19, 2024 - We write about many details of FHA home loans, and if you are on the path to homeownership for the first time, it helps to know some of the facts and fiction surrounding these home loans before you start looking for a home, a lender, or applying for pre-qualification.
April 17, 2024 - There is plenty of bad information about home loans in general and FHA loans specifically. You may encounter some of these in the wild when searching for a lender and a home to buy with an FHA mortgage.
April 16, 2024 - Home loans have many similar features. They require down payments, have appraisal standards, and may have rules on how you can use the property you buy. How do home loans compare to one another? We examine some of the major issues in this article.
April 14, 2024 - When a first-time homebuyer starts researching their options for a mortgage loan, it’s easy to find bad information and half-true information online, even from otherwise trusted sources. Some publications do their due diligence and review FHA loan rules to ensure accuracy.
April 12, 2024 - There are important choices to make when deciding whether to rent or own, but making the most informed choice is crucial. Some don’t think about the advantage of a fixed mortgage payment over rent that potentially increases year to year.
April 11, 2024 - FHA home loans offer borrowers more forgiving credit qualifying requirements than some conventional mortgages, but borrowers must still qualify for the loan with FICO scores and credit history information. What can you do to improve your credit scores before applying for a loan?
April 10, 2024 - When CBS News reported that the National Association of Realtors agreed to pay $418 million over roughly four years to resolve all claims against the group by home sellers related to broker commissions, the news sent shockwaves through the real estate industry.
April 9, 2024 - If you have never bought or built a home before, it would be easy to assume there is just one type of loan offered and that it’s just a matter of picking a condo, existing construction, new construction, or deciding to build on your own land.
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Homebuyer Terminology
If you’re getting ready to shop around for mortgage options, it’s a good idea to brush up on some of the technical terms in our Mortgage Glossary. You’re going to be hearing a lot of them!
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