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CLICK HERE TO GET STARTEDWhat is an FHA Loan?
The FHA loan is a government-backed mortgage that’s popular with first time homebuyers because of its flexible qualifying requirements. If you have a limited down payment and a lower credit score, you may find it easier to get approved for an FHA loan and more affordable than a conventional loan.
FHA Loan Benefits may include:
- Low rates and fees.
- Minimum cash out of pocket.
- Down payment gifts are acceptable.
- Closing costs can be paid by seller or lender.
- Appraisal waiver available on an FHA streamline refinance.
- No prepayment penalty.
FHA Loan Limits
Low-Cost Area Loan limits for FHA in 2024.
| Units | Contiguous 48 States | Alaska, Hawaii, Guam and US Virgin Islands |
| One | $498,257 | $1,724,725 |
| Two | $637,950 | $2,208,375 |
| Three | $771,125 | $2,669,275 |
| Four | $958,350 | $3,317,400 |
High-Cost Area Loan limits for FHA in 2024.
| Units | Contiguous 48 States | Alaska, Hawaii, Guam and US Virgin Islands |
| One | $1,149,825 | $1,724,725 |
| Two | $1,472,250 | $2,208,375 |
| Three | $1,779,525 | $2,669,275 |
| Four | $2,211,600 | $3,317,400 |
FHA Loan Guidelines:
Max loan to value. Up to 96.5% purchase and 97.75% rate and term refinance. Up to 80% cash-out.
Term. Fixed terms available from 10, 15, 20, 25, 30 years and 5-year ARM’s.
Mortgage insurance. Upfront mortgage insurance and monthly mortgage insurance is required.
Credit Score. Our minimum requirement is a 600 median score.
Debt-to-income ratio. 43% is standard however we have seen approvals up to 60% DTI. Debt-to-income (DTI) ratio by dividing your total debt by your gross monthly income.
Occupancy. It must be your primary residence however you can purchase up to a 4-unit property if you live in one of the units.
Property type. 1–4-unit homes, condominiums, townhomes, and manufactured housing on a permanent foundation.
Appraisal. Required unless it is a streamline refinance.
Resources.