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 2020
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.
SEE YOUR CREDIT SCORES From All 3 Bureaus
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FHA Loan Articles and Mortgage News
May 27, 2020 - Do you want to have a house built for you from the ground up? This is an option, even for first-time home buyers. An FHA One-Time Close construction loan has a 3.5% down payment requirement, which is lower than you may be offered on a conventional loan.
May 26, 2020 - If you want to apply for an FHA mortgage, one of the first things you will learn is that FHA borrowers make a minimum 3.5% down payment, unless required to pay more due to low credit scores. How should you approach the down payment issue?
May 25, 2020 - While it is true that FHA mortgages have more forgiving FICO score requirements, lender standards will also apply and those standards are often higher than the FHA minimums. Improving your credit score is a combination of establishing good habits, avoiding too much credit, and reducing your debt.
May 24, 2020 - If you have been watching the ups and downs of the mortgage market, you will notice that mortgage rates have been falling recently, but market watchers are quick to point out that those with FICO scores below the 700 range are experiencing more costly loans.
May 23, 2020 - HUD’s updated policies for closing loans during COVID-19 includes a reminder to lenders and borrowers that HUD does not set or enforce guidelines for the use of notarized paperwork to close the loan. Many home buyers were caught by surprise by coronavirus issues.
May 22, 2020 - The FHA Streamline Refinance loan is designed to provide a benefit to a borrower that meets FHA requirements and that can include a lower payment. Not every refinance loan can help you get a lower monthly mortgage payment or lower the interest rate.
May 21, 2020 - There are misconceptions about FHA home loans and refinance loans that hinder some borrowers from making truly informed decisions about their mortgages. What you don’t know can make a big difference in the price you pay, the terms you accept, and more.
May 19, 2020 - What kinds of income can be used to qualify for an FHA mortgage? If you need to buy a home soon, it's important to understand home loan approval rules, especially in times of economic uncertainty.
May 18, 2020 - The Federal Housing Administration has announced an extension to coronavirus-related mortgage relief for American borrowers with FHA home loans. The FHA has lengthened its eviction and foreclosure moratorium on FHA mortgages until June 30, 2020.
May 16, 2020 - Are you struggling to pay your mortgage during COVID-19? Those who need it can apply for mortgage forbearance, but you should understand the choices open to you--not just for the forbearance period itself, but also for repaying the money you don’t pay during the forbearance period.
SEE YOUR CREDIT SCORES From All 3 Bureaus
Do you know what's on your credit report?
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!
