Get a free quote on a 3.5% down FHA loan
FHA loans are a great option for first-time homebuyers, but you don't need to be a first-time buyer in order to qualify. The flexibility provided by FHA loans makes them ideal for homebuyers of all types. FHA loans only require a 3.5% down payment and borrowers only need to have a minimum credit score of 580 or higher. Buyers can qualify for a loan despite having a higher debt to income ratio by having a steady employment history and can also receive money from FHA to cover closing costs.
FHA loans can be used to buy different property types. As a buyer, you have the ability to purchase a 1-4 unit property as long as you occupy at least one unit as your primary residence. You can obtain an FHA mortgage for a loan amount up to $562,350 for a 1 unit property and up to $1,081,450 for a 4 unit property. To account for rising home prices, FHA loan limits are adjusted by HUD.GOV on an annual basis.
Mortgage rates change every day, and your rate will vary based on your location, finances, and other factors. Get your FREE customized rate comparison below:
