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
August 6, 2020 - The FHA and HUD have announced an extension to certain coronavirus measures initiated to allow lenders to approve FHA home loans among other guidelines altered by a multi subject mortgagee letter issued by HUD in the last week of July 2020.
August 4, 2020 - There are some common questions about FHA home loan limits for the Single Family Mortgage program. Do you know what the home loan limit is in your area or how it affects your mortgage transaction?
July 30, 2020 - Renters can face big hurdles when they decide to become homeowners. One of the biggest is saving up for a down payment. With constantly changing economic environments and employment uncertainty, people are facing difficult decisions about how to use or presersve their savings.
July 27, 2020 - Are you ready to buy a home using an FHA home loan? At the time of this writing, coronavirus is still a major problem in the United States and there are revised procedures for appraisals and other measures to avoid spreading the disease while continuing to do business in the housing market.
July 24, 2020 - The importance of credit monitoring can’t be understated; the more you know about your credit report, how it changes and when can make a great deal of difference when you are ready to commit to a home loan.
July 21, 2020 - Consumers are warned repeatedly to monitor their credit for signs of identity theft, erroneous information, etc. Some future home owners already do this, but the concept is new to others. Why is credit monitoring a crucial part of your preparation before applying for an FHA mortgage?
July 20, 2020 - The FHA and HUD have announced extended relief for FHA borrowers experiencing financial hardship due to income loss related to the coronavirus pandemic. The new relief measures are specifically designed to help those who applied for FHA loan forbearance.
July 19, 2020 - Now, with COVID-19 gaining momentum once again, HUD has extended the modified appraisal guidelines, as well as employment verification rules--they will now be in effect until the end of August 2020.
July 18, 2020 - FHA home loan limits are easy to understand once you know a few basics about how these limits work. These limits are offered to all borrowers and aren’t affected by your credit report or other factors. FHA home loan limits are set nationwide every year.
July 17, 2020 - The COVID-19 updates from the FHA and HUD keep coming--it would be easy to mistake this update for older announcements about foreclosure relief, but the environment created by coronavirus and its containment measures requires government agencies to be flexible.
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!
