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.
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FHA Loan Articles and Mortgage News
March 16, 2020 - It’s easy to assume that a rate cut automatically equals a lower mortgage loan interest rate. But that is far from accurate and what the Fed did in cutting interest rates down to the zero range does NOT automatically translate into a lower home loan interest rate for you.
March 15, 2020 - There are times when mortgage rates are low, and there are times when rates fall so very low that even those in the lending industry contemplate their refinance loan options. Now is one of those times. It's a milestone well worth paying attention to.
March 12, 2020 - At the time of this writing, in the second week of March 2020, mortgage loan interest rates have taken a sharp turn upwards after hitting lows not seen in recent memory. FHA mortgage loan interest rates were, for a time, below the three percent zone.
March 10, 2020 - Finance blogs and mortgage rate watchers report that the week ending March 6 saw a massive surge in refinance loan applications; refinancing is at a rate not seen in well over a decade. Low mortgage rates coming as a result of investor reactions to coronavirus news.
March 9, 2020 - The last week of February 2020 was a remarkable one for mortgage loan interest rates. Much has been made of the economic effects of the virus that causes coronavirus disease, also known as COVID-19 or SARS-CoV-2, according to the Centers For Disease Control.
March 8, 2020 - Why do interest rates move lower? Investors get scared, pull their money out of the riskier investments they were pursuing, and put that money into what are comparatively safer places. And that’s what is happening with the coronavirus.
March 6, 2020 - First-time home buyers come to the home loan game without experiencing any of the journey to home ownership first-hand. Even if you watched your parents negotiate a home loan, doing it yourself is another thing.
March 5, 2020 - If you are hoping to buy a home but do not have a long credit history, it’s easy to understand why you might be concerned about your ability to get a loan approved. Fortunately there are some things you can do to build your credit ahead of a home loan that will help.
March 4, 2020 - There are some misconceptions about down payment grants in general, but one of the biggest is that the FHA itself or the lender is somehow responsible for managing or offering these grants. You, the borrower, are responsible for locating the programs in your area.
March 3, 2020 - Fears of the coronavirus have fueled investor behavior, which in turn has put downward pressure on mortgage loan interest rates, refinance loan interest rates, etc. And the ride is not over yet, from all indications. Listen to how the experts talk about the situation and where it’s going.
SEE YOUR CREDIT SCORES From All 3 Bureaus
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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!
