FHA Loan Qualifications

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:

  1. Contact FHA Loan Group experts [Contact Us] and review FHA Loan Qualification
  2. Provide required documents
  3. Obtain Pre-Approval certificate
  4. Get Loan Approval
  5. Sign the final loan paperwork
  6. Congratulations
Why use a FHA Loan
  • Low Down Payment
  • No Minimum FICO Score
  • Assumable
  • Low Interest Rate
  • No Monthly Mortgage Insurance
  • No Pre-payment penalty
  • FHA guarantee

Want to know how to find the best mortgage rate? We can help you find the best mortgage rates available!.

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