FHA Loan Information for 2022
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.
• Down Payment can be a gift from a relative
• MIP (Mortgage Insurance Premium) is required.
• Debt-to-Income Ratio < 50%.
• The home must be the borrower’s primary residence.
• A borrower must have steady income and proof of employment.
• FHA loans are assumable and in this market that can be a positive factor
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. You do not
have to be a first-time homebuyer to utilize an FHA mortgage and you can use an
FHA mortgage loan if you have already had a FHA loan previously.
(Source: Movement Mortgage – Lorri Hoffman)