FHA Loans
FHA loans are government-backed mortgages insured by the Federal Housing Administration. They are designed to help first-time homebuyers and those with less-than-perfect credit achieve homeownership.
3.5%
Min. Down Payment
580
Min. Credit Score
$498,257
Loan Limits (2024)
Key Features
- Down payment as low as 3.5%
- Credit scores as low as 580 accepted
- Gift funds allowed for down payment
- Streamlined refinance options available
Benefits
- Lower credit score requirements
- Lower down payment compared to conventional loans
- Gift funds and grants can be used
- Assumable by future buyers
Requirements
- Credit score of 580+ for 3.5% down (500-579 requires 10% down)
- Debt-to-income ratio typically below 43%
- Property must be primary residence
- Mortgage insurance required for life of loan (if down payment < 10%)
Ideal For
- First-time homebuyers
- Buyers with limited savings for down payment
- Those with lower credit scores
- Buyers who need flexible qualification guidelines
Ready to Get Started?
Contact Jimmy Joseph MBA to discuss your fha loans options.
Jimmy Joseph MBA
NMLS #1577754
Branch NMLS #2477715
Let's Find Your Perfect Mortgage
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