FHA Loans

FHA loans are insured by the Federal Housing Administration and are designed for low-to-moderate-income borrowers. They require lower minimum down payments and credit scores than many conventional loans. This type of loan is ideal for first-time homebuyers or those who have experienced financial hardship. The page will explore the qualifications, process, and advantages of FHA loans, including how they can help achieve homeownership.

Loan Requirements

Recommended loan requirements

  • Credit score of at least 500.
  • Steady employment history.
  • Must be for a primary residence.
  • Debt-to-income ratio below 43%.
  • Yes, FHA loans are designed to help borrowers with lower credit scores, typically as low as 580 with a 3.5% down payment.

  • Closing costs vary, but they typically range from 2% to 5% of the loan amount.

  • No, FHA loans are intended for owner-occupied properties only.

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