FHA Loan

An FHA (Federal Housing Administration) loan is a loan insured against default by the FHA.

Backed by the Federal Housing Administration, FHA loans help make homeownership possible for more borrowers. These programs offer flexible credit and income guidelines and can be an excellent fit for those needing added support to purchase a home.

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Who can get an FHA Loan?

Almost anybody can get an FHA loan. There are no income limits. However, there are limits on how much you can borrow. In general, you're limited to median home prices in your area. To find the limits in your region, visit HUD's Website. To qualify for an FHA loan, you'll need to have reasonable debt to income ratios. You don't need perfect credit but you will need to have a credit score of at least 620.



Benefits of FHA loans:

  • 3.5% down payment required on purchase

  • Easier to use gifts for down payment and closing costs

  • No prepayment penalty

  • Financing for home improvement using FHA 203k programs