FHA Loan Requirements 2019

Important FHA Guidelines that you need to know!

The FHA (Federal Housing Administration) provides mortgage insurance on loans made by FHA-approved lenders. The FHA insures these loans on single family homes as well as multi-family homes.

• FICO® score at least 580 = 3.5% down payment.
• FICO® score between 500 and 579 = 10% down payment.
• MIP (Mortgage Insurance Premium ) is required.
• Debt-to-Income Ratio < 43%.
• The home must be the borrower’s primary residence.
• A borrower must have steady income and proof of employment.

These FHA loans are a good option for 1st-time homebuyers who may not have saved enough for a large down payment. Even borrowers who have suffered from bankruptcy or foreclosures may qualify for an FHA-backed mortgage.