FHA Loan Qualifications:
Although the FHA loan provides qualifications that are very flexible, compared to other loans, certain FHA loan program guidelines must be met. It is also important to remember most FHA loans require on time payments (not 30 days delinquent) for the previous 6 to 12 months payments. Refer to the chart below for basic FHA loan qualifications.
FHA Home Loan Qualifications
| FHA Loan | |
| Max Loan Amount: | varies by county |
| Credit Score: | Streamline refi no credit score minimum. Otherwise, 520-580+ |
| Down Payment: | 3.5%- 10% – depends on credit score |
| Interest Rate: | Current market |
| Assumability: | Yes |
| Mortgage Insurance: | Yes |
There are many different FHA loan programs for buying and refinancing. Each has different qualifications. Please contact us and we can review your scenario and provide needed guidance and approval.
FHA Loan Step by Step Process:
Below find a flow chart in determining if you are eligible for a FHA Purchase or FHA Refinance loan:
- Contact FHA Loan Group experts [Contact Us] and review FHA Loan Qualification
- Provide required documents
- Obtain Pre-Approval certificate
- Get Loan Approval
- Sign the final loan paperwork
- Congratulations
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Why use a FHA Loan |
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