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.
- 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 580 credit score 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 to 6% of the sales price.
- The maximum loan amount is $356,362.
- Gifts are allowed.