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
FHA Limits for 2019
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.
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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FHA Loan Articles and Mortgage News
August 9, 2019 - What are the FHA home loan rules for first-time home buyers? If that seems like a trick question to you, you’re on the right track. There are NO FHA home loan rules that pertain exclusively to first-time home buyers.
August 8, 2019 - If you are in the planning stages for an FHA home loan, it’s important to begin budgeting for your home loan-related expenses including appraisal fees, home inspection fees, any required pest control, hazard insurance, and other costs.
August 6, 2019 - FHA requirements say that borrowers with FICO scores between 500 and 579 are technically eligible for an FHA mortgage but would be required to put a higher amount of money down. The down payment requirements from the FHA (not the lender) in these cases is 10%.
August 5, 2019 - If you have monthly financial responsibilities that include paying alimony or child support, there are FHA loan rules your lender will use to determine how such payments affect your debt ratio. How do these factors affect an FHA home loan approval?
August 4, 2019 - FHA Streamline Refinances have no FHA-required credit check, appraisal, or job verification in most cases. But there IS a credit-qualifying version of the FHA Streamline, and some lenders may only offer that version while others may provide both.
August 3, 2019 - What does it take to get approval for an FHA mortgage? Your lender will review many things associated with your mortgage loan application, but there are three main areas you should consider at least a year ahead of your home loan application.
July 30, 2019 - Buying a home for the first time? You will get plenty of advice-some you want, and some you don’t. What should you do once you have prepared in advance by working on your credit, pulling your credit reports, and saving up for the down payment and closing costs?
July 28, 2019 - It’s true that even first-time home buyers can apply for an FHA One-Time Close construction loan to have a house built for them from the ground up. You don’t need to be an experienced homeowner to do this, but you’ll need to anticipate some required expenses for your new home.,
July 25, 2019 - What are the credit check rules for FHA home loans? Some borrowers, who have what is described as thin credit or a small credit history, non-traditional credit, or no credit at all want to know what the FHA home loan rules are for such scenarios.
July 23, 2019 - There are a variety of things that can show up on a credit report. Among the big issues that can affect an mortgage approval are collection agency action, charge-off accounts, and what the FHA calls disputed derogatory credit accounts.
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Learn what your score means.
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!
