To become eligible for an new FHA mortgage or an FHA refinance, there are certain criteria you'll need to meet as a borrower. When it comes to a borrower’s eligibility, the FHA loan program offers a lot of flexibility.

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FHA.com is a privately owned website, is not a government agency, and does not make loans.

Eligibility

Related Terms: Loan Eligibility, FHA Eligibility
Before applying for any kind of loan, it makes sense to check for eligibility requirements. To become eligible for a new FHA mortgage or an FHA refinance, there are certain criteria you'll need to meet as a borrower.
Eligibility
When it comes to FHA home loans, there are a few different factors that determine eligibility:
  • The FHA has determined different price ceilings when it comes to the purchase price of the home. These caps vary according to location, and are regularly updated.
  • Even though the FHA sets lower credit score limits for borrowers, there is a requirement that an applicant with a score lower than 580 make a down payment of 10 percent or higher.
  • Income and employment is an eligibility factor in regards to FHA loans. Lenders require that a borrower can show proof of steady employment with “effective income.”
  • The home being purchased or refinanced must be the borrower’s primary residence; the FHA requires that the property be an owner-occupied dwelling.
The FHA loan program offers more flexibility when it comes to a borrower’s eligibility, which is why it is seen as a good option for many first-time homebuyers. 

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