FHA Loan Requirements
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.
- The Facts About FHA Credit Requirements and FICO® Scores
- Do FHA Loan Requirements Apply to All Borrowers?
- Your FHA Loan Credit Qualifications
FHA Limits for 2024 Announced!
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 2024, the FHA floor was set at $498,257 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) | |||
| Single | Duplex | Tri-plex | Four-plex |
|---|---|---|---|
| $498,257 | $637,950 | $771,125 | $958,350 |
Also for 2024, the FHA ceiling was set at $1,149,825 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) | |||
| Single | Duplex | Tri-plex | Four-plex |
|---|---|---|---|
| $1,149,825 | $1,472,250 | $1,779,525 | $2,211,600 |
Down Payment Grants for FHA Loans
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
June 9, 2024 - Not every house available for sale is new construction or ever recent construction. Appraisal issues for houses that haven’t existed very long can be much different than for houses a few decades old or older.
June 7, 2024 - What’s the difference between FHA rehab and home improvement loans? Some people use the terms interchangeably, but an FHA 203(k) rehab loan is very different from a home equity line of credit or a home improvement loan.
June 6, 2024 - New borrowers have many questions about how the FHA loan process works. Whether you’re in the planning and saving stages of the loan or are ready to make an offer on a house, there are some important answers to get along the way to make the most informed decision.
June 5, 2024 - If you have an FHA loan on a home that has been affected by a natural disaster in a federal disaster area, there are important options for you to know about. You should know more about the options below when trying to settle insurance claims.
June 3, 2024 - An article published by Forbes Advisor notes various home loan interest rate predictions. Some of them might surprise you. Others might not. In general, the feeling among industry pros is that rates aren’t going to take a nosedive anytime soon.
June 2, 2024 - Once your home loan application is approved, it’s tempting to think you are “bulletproof” on the way to closing day, and nothing can stop your FHA loan now. But there are some factors to be mindful of before closing day.
June 1, 2024 - An FHA loan is intended for those who want to buy a house they will live in. It cannot be used for an investment property, which is a house the borrower purchases but does not live in, typically renting it out to others.
May 30, 2024 - What do borrowers need to know about life after mortgage closing? There are a few standard things borrowers are typically better informed about toward the end of the home loan process than at the beginning. What to expect after closing day is one of those topics.
May 29, 2024 - The first thing to know about FHA renovation loans, also known as FHA 203(k) rehab loans, is that they are available to any financially qualified borrower, whether they are first-time home buyers or experienced homeowners.
May 27, 2024 - What special features do FHA mortgages offer first-time homebuyers and repeat borrowers alike? There are several options to be aware of when you are in the planning and saving stages of the home loan. For example, the lender is forbidden from charging you an early payoff fee.
Homebuyer Terminology
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!
