Check Your FHA Loan Eligibility
Work with a trusted mortgage expert to explore FHA loans
for buying or refinancing your home
No Income Requirements
Flexible Credit Guidelines
Low Down Payments
What is an FHA Loan?
An FHA loan is a government-backed mortgage program designed for first-time homebuyers and those with less-than-perfect credit. It offers lower down payments and flexible qualification criteria."
Benefits of FHA Loans
Lower minimum down payment (as low as 3.5%).
Easier credit qualification compared to conventional loan.
Lower closing costs.
Government-backed security for lenders.
Eligibility Criteria
Minimum credit score of 580 for a 3.5% down payment.
Proof of steady income.
Primary residence requirement (cannot be used for investment properties).
Debt-to-income ratio under 43%.
Have questions? We're here to help!
Frequently Asked Questions
How much down payment is required for an FHA loan?
You can qualify for an FHA loan with as little as a 3.5% down payment if your credit score is 580 or higher. If your credit score is between 500-579, you may need a 10% down payment.
Can I get an FHA loan with bad credit?
Yes, FHA loans are designed for borrowers with less-than-perfect credit. If your credit score is at least 500, you may still qualify, but your down payment requirement will be higher.
Are there limits to how much I can borrow with an FHA loan?
Yes, FHA loans have maximum loan limits that vary by location and are based on the local housing market. Check your area’s loan limit to see what you qualify for.
Can I use an FHA loan for an investment property?
No, FHA loans are intended for primary residences only. You must live in the home as your primary residence within 60 days of purchase.
What is mortgage insurance, and why is it required for FHA loans?
FHA loans require mortgage insurance premiums (MIP) to protect lenders in case of default. This includes an upfront premium (UFMIP) and an annual premium, which is divided into monthly payments.
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