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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Learn what your score means.
FHA Loan Articles and Mortgage News
September 11, 2020 - Cash-Out Refinance loans allow cash back to the borrower after the costs of the new loan have been satisfied and the original loan has been paid off. These refi mortgages can be issued by conventional lenders and through government-backed loan programs like the FHA.
September 8, 2020 - Why do lenders deny home loan applications? This is a good question to ponder when you are in the planning stages of a construction mortgage loan application, condo loan application, or you want to buy a multi-unit home.
September 6, 2020 - The VA loan benefit includes the ability to build a home on your own land using a VA One-Time Close construction loan. VA One-Time Close loans allow you to build a house on your own land or purchase land in conjunction with building a home.
September 3, 2020 - It’s important to know WHY you need to address your credit long before applying for a major line of credit like a construction loan to build on your own land, or the purchase of a condo or suburban home. Your lender must review your credit patterns over the long-term to judge your creditworthiness.
August 27, 2020 - First-time home buyers have a wide range of options with FHA home loans, and those options come with lower down payment requirements and often feature more flexible FICO score requirements than conventional mortgages.
August 26, 2020 - There is a home loan for borrowers who would rather build their home on their own lot instead of purchasing an existing construction house. This is called a One-Time Close (OTC) construction loan and features a single loan application.
August 25, 2020 - Homeowners who have government backed mortgages such as VA and FHA home loans have built-in protection during COVID-19 in the form of federally-directed loan forbearance and mortgage relief options. Protecting your credit means making all payments on time, every time.
August 24, 2020 - FHA home loans feature loan guaranty limits which are established by county. These limits, subject to change every year, establish the FHA loan limits for high-cost counties, low-cost counties, and an average which is what many borrowers will likely experience across the country.
August 23, 2020 - How much will your monthly mortgage payment be? That’s an important question to ask early on when you’re planning your home loan. Is it really a simple calculation of how much the loan is, divided by how many months the mortgage loan payments are required?
August 22, 2020 - FHA home loans have lower down payment requirements than some conventional mortgages, there are more forgiving FICO score standards (lender standards will also apply), and first-time home buyers should know there are down payment assistance programs in many states that can help.
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!
