G e t t i n g S t a r t e d :F H A L O A N R E Q U I R E M E N T S

B L O G . F H A . C O

L O A N L I M I T S

FHA loans are offered on less expensive properties.

Because of this, there are loan limits set, depending

on the area.

That means the property you can get a loan for

should not go over the loan limit set in your state. 

I N T E R E S T R A T E S

FHA loan interest ratesare at an average of 3.25%.

Types of Mortgage InterestFHA Fixed Rate MortgageFHA Adjustable Rate Mortgage

F H A C R E D I TR E Q U I R E M E N T S

If you have a not­so­pleasing credit score, FHA loans could be your best

option.

While conventional mortgage loans require a credit score of at least 700,

the acceptable score for FHA loans is 580.

This makes it possible for those with bad credit to still get qualified for a

mortgage loan.

D O W N P A Y M E N T

With FHA loans, downpayments can be as

low as 3.5%, making itmore affordable.

D E B T T OI N C O M E R A T I O S

For FHA home loans, the DTI should be less than50% to get approved.

So for example, if your monthly income is $4000,in order to qualify for an FHA loan, less than$2000 should go towards monthly recurringpayments.

E L I G I B L EP R O P E R T I E S

The property should be where you intend to reside in as yourprimary home. The home should also pass the safety inspection, also calledan FHA appraisal. It should be functional — no brokenwindows, safe staircases, and working kitchen among others.

c l i c k h e r e t o l e a r n m o r e

INFORMATION ORIGINALLY PUBLISHED APR/13/2016

SECURE.FHA.CO

I N F O R M A T I O N P R O V I D E D B Y :J U S T I N M C H O O D

He is Americas Mortgage Commentator and hasbeen providing Mortgage commentary for over10 years.

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