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.
SEE YOUR CREDIT SCORES From All 3 Bureaus
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Learn what your score means.
FHA Loan Articles and Mortgage News
June 12, 2019 - FICO score issues are a common source of stress to potential FHA borrowers. Everyone wants to know if their FICO scores are high enough to qualify for an FHA mortgage. Is it possible to qualify for an FHA loan or refinance loan with credit scores from 500 to 579? Or are higher scores required?
June 11, 2019 - The kind of FHA refinance loan you get will depend on what your financial needs and goals are; some borrowers want cash back, others need a lower mortgage payment, and some just want to get out of an adjustable rate mortgage into the predictability of a fixed-rate FHA mortgage.
June 8, 2019 - The FHA and HUD warn consumers that the appraisal is not to be considered a home inspection. It’s true that you certainly could buy a home without having it inspected, and while you’re at it you could also buy a car without test-driving it first.
June 7, 2019 - If you buy a home using an FHA home loan, there are built-in protections. Those protections include rules that prevent loans for certain properties with homeowner association agreements that don’t allow the borrower to freely sell or transfer the property.
June 6, 2019 - Did you know that the FHA home loan rulebook has guidance for lenders who aren’t sure whether FHA mortgages are available to those without U.S. citizenship? There are also rules that govern what is possible if you owe outstanding tax debt and related issues.
June 5, 2019 - FHA refinance loans are intended for residences, so you can’t refinance a vacation home, a time share, or any kind of commercial operation such as a Air B-nB, a bed and breakfast, condohotel, or other transient occupancy type rental space.
June 4, 2019 - Down payment assistance gift funds are not offered by the FHA and cannot be offered by the lender, but local agencies that meet FHA guidelines in this area may. You will need to search in your local area to learn what sources of down payment help might be open to you.
June 3, 2019 - This is not the first thing a first-time home buyer thinks of when reviewing a home, but if a swimming pool does not meet local building code requirements and other local laws, the appraisal process could make the pool a sticking point in loan approval.
June 2, 2019 - FHA home loan rules permit more than one person to be obligated on the mortgage, and there are situations where multiple borrowers may wish to purchase a home together even if only one of those borrowers will actually live in the home.
June 2, 2019 - Some of your FHA loan closing costs may be financed, and some may - after being negotiated between buyer and seller - be paid by the seller within the boundaries of the FHA loan program's rules. The borrower can also pay some closing costs out of pocket.
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!
