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The 203(b) fixed rate loan is the most popular FHA home loan, especially among first time home buyers. There are some debt-to-income rations you will be required to adhere to, but the 203(b) does not have a minimum income requirement.

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April 19, 2019
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FHA.com is a privately owned website, is not a government agency, and does not make loans.

What is the Most Popular FHA Loan Type?

FHA Common Question #6

The 203(b) fixed rate loan is the most popular FHA home loan, especially among first time home buyers. If you have never purchased a home before, you may wish to consider the 203(b) FHA loan. It keeps your down payment to a minimum. Your closing costs may also be reduced. The 203(b) FHA loan will finance up to ninety-seven percent of your loan.

There are some debt-to-income rations you'll be required to adhere to, but the 203(b) does not have a minimum income requirement. If you are unsure about your debt-to-income ratio, check with a financial planner or discuss your bills with a lender to see how you can maximize your standing with credit reporting agencies. Your FHA loan experience will be greatly enhanced by doing so.

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FHA.com Reviews

FHA.com is a one-stop resource for homebuyers who want to make the best decisions when it comes to their mortgage. With our detailed, mobile-friendly site, individuals can access information about different FHA products, the latest loan limits, and numerous other resources to make their homebuying experience easier. Take a look at some of the reviews from other FHA.com visitors!