FHA Loan Requirements
Lower Standards for Credit Scores and Down Payments
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.
580 Credit Score
- and only -
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.
For 2024, the FHA floor was set at $498,257 for single-family home loans. This minimum lending amount covers most U.S. counties. The FHA ceiling represents the maximum loan amount and is illustrated in the table below.
|FHA Limits (low cost areas)
Also for 2024, the FHA ceiling was set at $1,149,825 for single-family home loans. This represents the highest amount that a borrower can get through the FHA loan program. It applies to high cost areas in the United States and is illustrated in the table below.
|FHA Limits (high cost areas)
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
FHA Home Loan Rules You Should Know
February 19, 2024 - Do you know what to do if the appraisal comes in lower than the sale price? Or whether you can rent out an unused living unit in the home you buy with an FHA loan? These are important things to know when you are planning and saving for your mortgage.
Differences Between VA, FHA, and USDA Mortgages
February 18, 2024 - There are three important government-backed mortgage loan options borrowers can choose from when comparing home loans. Many people are new to these programs and their nuances at first, here’s what you need to know as a first-time home buyer reviewing these loans.
Adding Things to Your FHA Loan
February 15, 2024 - While add-ons to your FHA home loan can drive up the monthly payment, that’s a good trade-off for saving money upfront for some borrowers. For others, higher monthly payments are to be avoided. If that describes you, avoid adding on to your loan wherever possible.
Using Escrow for Your FHA Loan
February 14, 2024 - You may wonder why your loan officer might require you to use an escrow account. Escrow is an agreement between you and the lender through which a third party holds an asset or money on behalf of two other parties that are in the process of completing a transaction.
You Can Buy a Condo Unit With an FHA Mortgage
February 12, 2024 - What do you need to know about how to buy a condo unit with an FHA mortgage? There are exceptions for condos that did not get FHA-required approval, which may be handled on a case-by-case basis. Ask the lender about this issue early in the loan process.
Services You Need for Your Home Loan
February 11, 2024 - Among the issues first-time homebuyers will want to research in the early days of their house-hunting journey, one important thing to remember is that the services they'll need are not centralized. Additional research time may be needed to ensure they're getting the right things.
15 Year vs. 30 Year FHA Mortgages
February 10, 2024 - What’s the difference between a 15-year mortgage and a 30-year home loan? Aside from the obvious (the number of years you’ll pay on the mortgage), there are some important things to know about your loan term.
Home Loan Down Payment Issues You Should Know
February 9, 2024 - There are conventional mortgages, VA loans, FHA home loans, and USDA mortgages. Each home loan program has its own requirements, guidelines, and fees, but the down payment is one of the big ways all these programs differ.
Correcting Misinformation About FHA Loans
February 6, 2024 - If you are new to home loans and have been researching FHA mortgages, you may run across some bad information about the FHA home loan program and how it is run. We examine some important truths and bad information found online during recent research in this article.
How to Compare Mortgage Lenders
February 4, 2024 - Not sure if an FHA mortgage is right for you? One of the most often-repeated forms of advice for finding the right lender for you is to compare several lenders and ask about your loan options, especially when it comes to the differences between conventional and FHA loans.
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!