• Vicki Ahmadi

FHA Loan

What is an FHA Loan?

An FHA Loan is a mortgage that’s insured by the Federal Housing Administration. They allow borrowers to finance homes with down payments as low as 3.5% and are especially popular with first-time homebuyers.

Who is an FHA Loan For?

An FHA Loan is often times is a popular choice for a first-time homebuyer. FHA loans require a lesser deposit than a conventional loan and can help keep costs low when purchasing a home.

What are the requirements of an FHA Loan?

  • FICO® score at least 620= 3.5% down payment.

  • MIP (Mortgage Insurance Premium) is required.

  • Debt-to-Income Ratio < 43%.

  • The home must be the borrower’s primary residence.

  • Borrower must have steady income and proof of employment.


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