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
September 7, 2024 - Buying residential real estate can be overwhelming, and filled with uncertainties and stress. You can make this process easier by taking the time to understand the strategies and tactics involved that can raise your chances of a successful purchase.
September 6, 2024 - FHA One-Time Close Construction loans and FHA 203(k) Rehabilitation mortgages are quite different from existing construction mortgages. Buying an existing home means dealing with the potential challenges of that property, bu require extensive work on the house isn't always needed.
September 5, 2024 - When you apply for an FHA mortgage, lenders evaluate your credit reports and scores to decide on approving your loan application. An applicant's credit history paints a picture for the lender who needs to know your level of financial responsibility.
September 4, 2024 - FHA home loan options include manufactured homes and condo units, surprising some borrowers who assume FHA mortgages are only for traditional suburban houses. You can buy a condo unit with an FHA loan, but these transactions are a bit different.
September 2, 2024 - With their more forgiving credit requirements and lower down payment options, FHA loans provide a potentially more affordable pathway to homeownership. However, not everyone needs the smaller down payment option. Some can benefit from putting more upfront.
August 31, 2024 - FHA mortgages are designed for any financially qualified borrower, while VA mortgages are specifically offered to those with qualifying uniformed service. Some only qualify for one program or the other, while others may be eligible for both.
August 28, 2024 - FHA home loan options include manufactured homes and condo units, surprising some borrowers who assume FHA mortgages are only for traditional suburban houses. You can buy a condo unit with an FHA loan, but these transactions are a bit different.
August 27, 2024 - What are a borrower's options under the low down payment FHA home loan program? There are loans for condos, manufactured homes, and traditional suburban houses. Below, we examine some of the most utilized FHA loan options.
August 26, 2024 - Your FICO scores and loan repayment history play a major role in a lender’s decisions about loan approval interest rates. New borrowers face some challenges on the road to homeownership. We examine some key issues when planning your FHA purchase or refinance loan.
August 24, 2024 - There are two primary types of mortgage insurance: private mortgage insurance, sometimes known as conventional mortgage insurance or CMI for short, and Federal Housing Administration (FHA) mortgage insurance.
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!
