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FHA Loan Requirements

FHA Loan Guidelines

The FHA or Federal Housing Administration is not a lender of funds but rather it backs mortgage loans that are offered by banks and other lending institutions. This mortgage insurance to the lender allows them to offer more loans, and offer the mortgage loans with lower guidelines than conventional loans. Read more below for  a condensed overview starting with four items that really separate the FHA loans from the other models. The FHA loan program is entirely self funded, with no taxpayer dollars involved.

Lower Credit Requirements.

Because of the backing in place that limits the risk for banks, the FHA loans allow for a lower credit score than conventional loans. FHA guidelines allow for a 580 score when determining eligibility. FHA Credit Requirements.

Lower Down Payment Requirements.

The mortgage insurance paid in allows the FHA Guidelines to allow for much lower down payments on purchases. FHA Loan Down Payment.

Interest Rates

FHA Guidelines offer the borrower the same low interest rates as are available in the conventional loan and other markets. FHA Mortgage Interest Rates.

Closing Costs

Determined in large part at the local level, FHA loans many times carry less expensive closing costs. Closing Costs.

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FHA Loan Limits

FHA has a limit, based at the local level of the amount of the loan. FHA Loan Limits.

FHA Debt to Income Ratios

Because the aim is to protect the borrower and the lender alike, there are requirements around income and debts that the borrower must have in place for approval under FHA guidelines. FHA Debt To Income Ratio.

FHA Eligible Properties

Again, with the goal of protecting both the borrower and the lender, not all property types are eligible. Find out which ones work, and which do not. FHA Eligible Properties.

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