FHA Loan Program

The FHA loan's combination of low rates, low down payment, and flexible lending guidelines help more homebuyers to qualify for home loans.

  • Available for primary residence occupancy only.
  • Down payment of 3.5% can be gifted by family.
  • Maximum loan limits apply and vary by state and county.
  • Monthly mortgage insurance (MIP) and upfront premium of 1.75% of the home loan are required.
  • Borrowers must have a property appraisal from an FHA-approved appraiser.
  • Closing costs up to 6% can be paid by the seller, builder or lender.
  • Higher debt-to-income ratios permitted, maximum of 45%.

640

minimum credit score

3.5%

minimum down payment

6%

maximum seller concessions

0

income limits

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