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Making home buying easier with an FHA loan.
An FHA loan is of the best mortgage solutions for the credit-challenged and first time home buyer. FHA loan guidelines were created to help those with difficulty getting conventional loans, with lower credit score requirements, plus a low 3.5% down payment option. As long as you meet the minimum credit score, debt-to-income ratio, and other necessary eligibility requirements, you could be FHA pre-approved and pre-qualified and on your way to home ownership. Earning the privilege to lend FHA loans is a responsibility we take seriously. That's why as an FHA-approved bank, we adhere to a high level of lending standards.
FHA Loan Guidelines & Requirements
- You must have a valid Social Security number and be a legal resident of the United States
- You'll need to have steady employment history
- A down payment of at least 3.5% is required for a credit score of 620 or higher. However the money can be gifted from a family member
- FHA loans are only available for a primary residence
- The property must be appraised by a FHA-approved appraiser and needs to meet certain standards
- The front-end ratio (mortgage payment plus homeowners association fees, property taxes, mortgage insurance, home insurance) will need to be less than 31% of your gross monthly income
- Monthly debts (credit card payments, car payment, student loans, etc.) need to be less than 43% of gross monthly income
- Prior foreclosures need to be season over 36 months and you need to have re-established good credit
- Prior Chapter 7 Bankruptcies need to be seasoned over 24 months since the discharge date
- Prior Chapter 13 Bankruptcy – FHA allows to be not discharged as long as they have satisfactorily made 12 months of payments of the payout period