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 2021
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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FHA Loan Articles and Mortgage News
April 16, 2021 - FHA loan rules require a minimum credit score of 580 or better for 3.5% down payments. Like most down payments, the source of your down payment funds including gift funds requires proper sourcing. Make sure you provide a letter with any down payment gift that explains the amount.
April 15, 2021 - FHA / VA / USDA One-Time Close construction loans are an important option to consider for those looking to build a new home in Texas. Texas home values have gone up 9.3% over the past year and Zillow predicts they will continue to rise within the next year.
April 14, 2021 - Which refi is the best for your needs? That’s the first question to ask about refinancing. You can select Cash-Out refinancing, FHA Streamline refi loans are for people who need a lower mortgage rate or lower payment, or FHA 203(k) Rehabilitation refinance loans .
April 13, 2021 - How are One-Time Close construction loans and FHA 203(k) Rehab loans similar? They both require the use of approved builders to do the work, and they both require a minimum down payment. But, the FHA One-Time Close mortgage does not come as a refinance loan option.
April 11, 2021 - FHA One-Time Close loans (as well as VA One-Time Close or the USDA equivalent) have some differences from existing construction mortgages. Some of these differences involve lender requirements while others are FHA loan program guidelines.
April 10, 2021 - How widespread is housing discrimination in America? In 2020 HUD took nearly eight thousand complaints of housing discrimination based on non-financial factors such as race, color, national origin, religion, sex, family status, and disability.
April 9, 2021 - The debt-to-income ratio is an important calculation for all borrowers--the more income you have compared to outgoing payments every month the better. So how do borrowers with a lot of debt deal with this problem? Learn about what the FHA considers to be a debt.
April 8, 2021 - There are some general FHA loan rules you should know in the planning stages of your new loan--rules that can help you decide what to do about saving up for a down payment or how to deal with closing costs. Knowing these rules can help you get much closer to home loan approval.
April 7, 2021 - The FHA Cash-Out refinance loan is a way home owners can tap into the equity built up in their homes and take it out in cash once the original loan and the closing costs of the new loan have been dealt with. There are many uses for the money you get in a cash-out refinance transaction.
April 6, 2021 - When you examine your FHA construction loan options, choosing between a One-Time Close construction loan and other construction loan options with two loans and two closing dates are only part of your decision-making process.
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!
