FHA Loan Requirements
Lower Standards for Credit Scores and Down Payments
Whether you're a first-time homebuyer, moving to a new home, or want to refinance your existing conventional or FHA mortgage, the FHA loan program will let you purchase a home with a low down payment and flexible guidelines.
580 Credit Score
- and only -
FHA loan limits were established to define how much you can borrow for a HUD-backed mortgage. Each state has different limits, so be sure to look up your state to understand what is available for your FHA home loan.
For 2023, the FHA floor was set at $472,030 for single-family home loans. This minimum lending amount covers most U.S. counties. The FHA ceiling represents the maximum loan amount and is illustrated in the table below.
|FHA Limits (low cost areas)|
Also for 2023, the FHA ceiling was set at $1,089,300 for single-family home loans. This represents the highest amount that a borrower can get through the FHA loan program. It applies to high cost areas in the United States and is illustrated in the table below.
|FHA Limits (high cost areas)|
Paying the upfront costs of buying a new home can be challenging. To help overcome this hurdle, many local and state agencies offer down payment assistance in the form of grants or second mortgages.
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FHA Loan Articles and Mortgage News
How to Get a Lower Mortgage Rate
September 12, 2023 - CBS News MoneyWatch published an article in the last days of August 2023 noting that mortgage rates are hovering in the 7% range, with no real end in sight to the higher interest rates reported at press time. This article lists some of the top ways you can get a lower mortgage rate.
Do I Need a Land Appraisal for an FHA Mortgage?
September 10, 2023 - If you’re new to buying real estate, there can be a healthy learning curve. Fortunately, some issues are easy to address for the newcomer, but others can be more complicated. One example of a seemingly more complex topic? Appraisals.
FHA Loans and Down Payment Requirements
September 6, 2023 - FHA home loans have plenty of differences from conventional loans, including down payment requirements and the amount of that down payment. FHA loans come with bare-minimum down payment amount of 3.5% of the contract sales price of the home with the right credit scores.
Money Differences Between FHA and Conventional Loans
September 5, 2023 - How much do you know about the features of an FHA loan compared to its conventional equivalents? In the context of this article, we’re talking about money differences that could make you choose one loan over the other depending on your financial needs and goals.
Building A Home in Missouri with FHA and VA One-Time Close Loans
September 4, 2023 - An important option to consider when looking to build a new home in Missouri is utilizing the FHA / VA One-Time Close construction loan. Zillow® reports the typical home value reached $239,406 as of the date of this article.
Why Some Borrowers Won't Wait to Buy a Home in 2023
September 3, 2023 - Interest rates on home loans are high in 2023. In the earliest days of September, home loan interest rates were listed between 6.6% and 7.6%. This is a marked increase from the heady days of 2020, when on 16 September 2020, home loan interest rates were listed below the 3% line.
Will Mortgage Rates Increase in September 2023?
September 2, 2023 - While some point to the 7% interest rate zone as a sign to wait, others look at the current rates and wonder if they shouldn’t lock in a rate now before they go even higher. Will home loan interest rates go higher in September 2023?
Considering an FHA Adjustable Rate Mortgage?
September 1, 2023 - The FHA ARM loan is an important option when buying a home in today’s rate environment. If you have already looked at conventional ARM loan options, be sure and compare them with the FHA version of the adjustable rate mortgage.
FHA Home Loans for Single Parents
August 31, 2023 - There's a type of common question about FHA home loans that involves whether there's any special help for some FHA loan applicants such as single parents. Is there any assistance for people who need down payment help or lower mortgage payments?
What FHA Refinance Loans Offer
August 30, 2023 - If you were unable to wait out the current housing market and had to purchase property despite higher FHA mortgage loan rates, knowing your FHA refinance options will be crucial once rates begin a recovery.
If you’re getting ready to shop around for mortgage options, it’s a good idea to brush up on some of the technical terms in our Mortgage Glossary. You’re going to be hearing a lot of them!