FHA Loan
What is a FHA Loan?
Federal Housing Administration and Veterans Affairs loans are government supported loans that can help a first time home buyer secure a mortgage.
With an FHA loan you’ll need to put down at least 3.5%, and will need to pay mortgage insurance premiums. That said, these loans also come with lower qualifying standards, including credit scores as low as 580.
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FHA Loans
FHA loans are mortgage loans issued by private lenders and backed by the federal government. Key characteristics of FHA loans include lower credit score requirements and lower down payment requirements. It’s possible to get approved for an FHA loan with a credit score as low as 580 and a down payment of 3.5% or a credit score as low as 500 and a 10% down payment.
The requirements are:
- FICO® score at least 580 = 3.5% down payment.
- FICO® score between 500 and 579 = 10% down payment.
- MIP (Mortgage Insurance Premium) is required.
- Debt-to-Income Ratio < 43%.
- The home must be the borrower's primary residence.
- Borrower must have steady income and proof of employment.
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