FHA home loans are a great option for individuals with lower credit scores and higher debt to income ratios that are unable to qualify for conventional loans.
Loan Information:
- A 3.5% down payment on the property. Private Mortgage Insurance will be financed into the loan.
- There are no income limits with these loans, unlike several other loan types.
- You will need a minimum credit score of 580* to qualify for the 3.5% down payment. You can qualify with a credit score as low as 500 if you are able to put a 10% down payment on the property.
- The seller concession is limited up to 6% of the sales price.
- The maximum loan amount is $498,257.
- Gifts are allowed.
*Based on the manual underwrite with compensating factors.
**Interest rates and products are subject to change without notice and may or may not be available at the time of commitment or lock-in.