Is a FHA loan right for you?
Worried about a low credit score or not being able to afford a large down payment? With less strict requirements, a FHA home loan may be the right loan for you.
Benefits of a FHA loan
- FICO Flexibility: The FHA home loan has less strict FICO score requirements, allowing more people to qualify for a home loan.
- Gift Funds Allowed: Gift funds are allowed for the down payment, which means your family can help.
- Flexible Qualification: Requirements for an FHA loan are generally more relaxed compared to other loans.
FHA loan eligibility requirements
- Credit score higher than 550 with 10% down
- Credit score higher than 580 with 3.5% down
- Ability to cover 3.5% down payment
- Reasonable debt-to-income ratio
- Home must be the borrowerās primary residence
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(You’ll need this to make offers on homes!)
- Makes your offer to buy a home stronger
- Let home sellers know you’re serious
- Helps you know your affordable price range