FHA Loan Requirements

If you're looking for a loan that doesn't require a large down payment, an FHA loan might be right for you. But what are the fha loan requirements? Read on to find out.

FHA loans are mortgage loans insured by the Federal Housing Administration that are popular with first-time homebuyers. The minimum down payment required for an FHA loan is as low as 3.5% of the purchase price of the home, and closing costs can be rolled into the loan.

The fha loan requirements are as follows:

-You must have a credit score of 580 or higher to qualify for the 3.5% down payment option

-A lower credit score of 500 to 579 still may qualify, but you will be required to put down a 10% down payment

-You must have a debt-to-income ratio of 50% or less

-You must be a legal US resident

-You must have steady employment history

-You must not have any delinquent federal debts

-You must not have been involved in a bankruptcy, foreclosure, orshort sale in the past three years.

If you meet all of the fha loan requirements listed above, you could be eligible for an FHA loan. Speak to a lender today to see if you qualify.