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FHA Loans
FHA loans typically require a down payment of just 3.5% of the purchase price, making it easier for buyers to get into a home. In addition, FHA loans have more flexible credit requirements than conventional loans, allowing borrowers with less-than-perfect credit to still qualify. These factors make FHA loans an attractive option for many home buyers looking to achieve their dream of homeownership.
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Qualify for a
FHA Mortgage
To qualify for a FHA Mortgage, you must meet these key requirements:
Stable Income & Employment
💼 Must show steady employment or income for the past 2 years.
💼 Acceptable income types include salary, self-employment, Social Security, disability, etc.
💼 Lender will verify via tax returns, W-2s, and pay stubs.
Minimum Credit Requirements
📋 A 580 credit score qualifies for just 3.5% down. Downpayment assistance available.
📋 Credit scores from 500–579 may qualify with 10% down.
📋 All borrowers must meet basic creditworthiness standards.
Primary Residence & FHA Appraisal
🏠 Property must be your primary residence, not a rental or second home.
🏠 Must pass an FHA appraisal to meet safety & livability standards.
🏠 Home must be an FHA-approved property type (e.g., single-family, some condos).
Ideal Borrowers for FHA Loans
Is an FHA Loan Right for You?
🏠 Low Down Payment
Buy your home with as little as 3.5% down — perfect for first-time buyers or those with limited savings.
💳 Flexible Credit
FHA loans allow credit scores as low as 580 with just 3.5% down — or as low as 500 with a 10% down payment.
🛡️ Government Backed
FHA loans are insured by the Federal Housing Administration, offering security to lenders and access to you.
Is an FHA Loan Right for You?
An FHA Loan Might Be a Good Fit If…
You’re a first-time buyer
FHA loans make it easier to qualify with lower down payments and credit requirements.
Your credit score is under 620
FHA may offer more flexibility for buyers with mid-range scores or past financial challenges.
You have limited savings
With just 3.5% down — and the ability to use gift funds — homeownership is within reach.
You’re buying again after bankruptcy
FHA allows shorter wait periods than conventional loans after major credit events.
An FHA Loan Might Not Be a Fit If…
It’s not your primary residence
FHA loans are strictly for owner-occupied homes — not investment properties.
Your credit score is 620 or higher
Conventional loans may offer better terms, especially if you qualify for no PMI.
You’re putting 20% down or more
With higher equity, a conventional loan can be more cost-effective long-term.
Your DTI ratio is over 57%
FHA guidelines cap debt-to-income at around 43–57%, depending on compensating factors.
| Feature | FHA | Conventional | VA Loan | USDA Loan |
|---|---|---|---|---|
| Down Payment | 3.5% (580+ credit) | 3–20% (based on credit) | 0% (for eligible veterans) | 0% (if eligible) |
| Credit Score | 580+ (500–579 with 10%) | 620+ | Flexible | Usually 640+ |
| Mortgage Insurance | Required (UFMIP + MIP) | Required under 20% down | None | Required |
| Property Type | Primary residence only | Primary, second, rental | Primary only | Primary only |
| Income Limits | None | None | None | Yes (area-based) |
| Ideal For | Low credit & small down | Good credit & larger down | Veterans/military | Rural buyers |
| Apply For FHA Now | Explore Conventional Loans » | Explore VA Loans » | Explore USDA Loans » |
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Lorem Ipsum is simply dummy text of the printing
and typesetting industry. Lorem Ipsum has been
he industry's standard dummy text ever since the
1500s, when an unknown printer took a galley of
type and scrambled.
Darcel Ballentine
Barone LLC.
FHA FAQ's
We understand that applying for an FHA loan can bring up a lot of questions, especially for first-time homebuyers. This FAQ section is here to provide clear answers and guidance, helping you feel confident and informed throughout the entire process, from pre-qualification to closing day.
What is an FHA loan?
An FHA loan is a government-backed mortgage insured by the Federal Housing Administration, designed to help borrowers with low-to-moderate income or credit challenges qualify for home financing.
Who is eligible for an FHA loan?
Eligibility generally includes a minimum credit score of 580, a steady employment history, and the ability to make a down payment of at least 3.5% of the purchase price.
How much do I need for a down payment?
FHA loans require a minimum down payment of 3.5%, though borrowers with lower credit scores may be asked to contribute more.
Do I need perfect credit to qualify?
No. FHA loans are known for their more flexible credit requirements, making them accessible even to those with less-than-perfect credit histories.
Are there any property requirements?
Yes. The home must meet HUD safety and livability standards and be your primary residence, not a rental or investment property.
Can I use gift funds for the down payment?
Yes. FHA guidelines allow you to use gift money from family or approved donors toward your down payment or closing costs.
Experience the
Difference
Let's chat about your options
Experience the Difference
Let's chat about
your options
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