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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.

FHA Rates Near 50 Year Low!

Now is the time to drop the interest rate on your 30-year mortgage or refinance into a 15-year home loan.

FHA Rates for April 3, 2020
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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 Loan Articles and Mortgage News

HUD Announces New CARES Act FHA Home Loan Relief

April 2, 2020 - If you have an FHA mortgage, refinance loan, or One-Time Close construction mortgage and are experiencing financial hardship as a result of the COVID-19 outbreak, you may qualify for certain relief measures including those announced in this latest HUD action. What kind of relief may be available to you?

FHA Loan Advice From HUD During the Coronavirus Outbreak

April 1, 2020 - FHA lenders have been asked by the Department of Housing and Urban Development to use reasonable judgment when trying to decide who is legitimately affected by COVID-19 for the purpose of evaluating the loan.

FHA Announces Coronavirus-Related Changes to Loan Approval Rules

March 30, 2020 - Recently the FHA and HUD issued a mortgagee letter announcing that appraisal rules had been temporarily modified to permit exterior-only appraisals for FHA home loans and reverse mortgages.

FHA and HUD Announce Modified Appraisal Guidelines

March 27, 2020 - The COVID-19 / coronavirus outbreak has put considerable stress on many sectors of the housing industry. At the end of March the FHA and HUD issued a press release to announce changes in FHA appraisal policy to accommodate some of that stress

Getting a Loan in the Age of Coronavirus

March 24, 2020 - Mortgage markets, interest rates, and related issues are getting a lot of attention lately. Buying a home is more complicated in the era of the coronavirus, lockdowns, and COVID-19. But what are industry people saying about mortgage loans right now?