Is a FHA loan right for you?
Worried about a low credit score or not being able to afford a large down payment? With less strict requirements, a FHA home loan may be the right loan for you.
Benefits of a FHA loan
- FICO Flexibility: The FHA home loan has less strict FICO score requirements, allowing more people to qualify for a home loan.
- Gift Funds Allowed: Gift funds are allowed for the down payment, which means your family can help.
- Flexible Qualification: Requirements for an FHA loan are generally more relaxed compared to other loans.
FHA loan eligibility requirements
- Credit score higher than 500 with 10% down
- Credit score higher than 580 with 3.5% down
- Ability to cover 3.5% down payment
- Reasonable debt-to-income ratio
- Home must be the borrower’s primary residence
Quick Mortgage Calculator
Your total monthly payment
Mortgage Calculator is for demonstration purposes only and may not reflect actual numbers for your mortgage. Please contact us and we will walk you through the best possible mortgage scenario for your specific needs.