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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FHA Loan Articles and Mortgage News
October 6, 2020 - Build a home on your own land using a One-Time Close construction loan or buy an existing property? There are some questions to ask yourself about your financial needs and goals that could change your mind about choosing one path or the other.
October 3, 2020 - Are you interested in buying an existing home or having one built for you on your own lot? Before you apply for a mortgage, there are some important credit issues you’ll want to address to improve your chances at home loan approval.
October 1, 2020 - Do homes purchased with an FHA home loan require hazard insurance? This is a common home loan question and one a borrower should take pains to sort out since such insurance can affect your bottom line when buying or building a home.
September 29, 2020 - When the coronavirus pandemic began affecting America, federal agencies began establishing certain temporary guidelines to help employees, customers, and clients to continue having access to important services including FHA loans.
September 26, 2020 - The FHA and HUD have announced new guidelines for borrowers who are applying for FHA mortgages and have had previous mortgage forbearance. Since the start of the global pandemic, these agencies have offered borrowers mortgage relief to help offset new financial burdens.
September 24, 2020 - While VA construction loans don’t require a down payment in most cases, borrowers with FICO scores that would require money down will be required to provide the funds without outside assistance. The same is true of those who don’t have to make a down payment but choose to do so anyway.
September 22, 2020 - Wildfires have destroyed entire towns in the western part of the United States and many areas are getting federal disaster declarations as a result. The U.S. Department of Housing and Urban Development has announced disaster relief for FHA borrowers in the state of Oregon.
September 21, 2020 - What facts do you need to know about FHA home loan limits? Facts such as FHA loan limits may vary depending on county and that FHA mortgage limits are higher in high-cost areas like California, New York, and Hawaii?
September 18, 2020 - Are you thinking about buying a home, or considering applying for a construction loan to build a house on your own lot? There are some important questions to ask about home loans that could determine whether you buy an existing construction house or decide to build your own.
September 14, 2020 - What are the FHA loan rules for buying land as part of a construction loan? Not all borrowers own their own land. Ehen you want to build on your own lot, you may need to purchase the lot as part of the loan.
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!
