FHA Loans – Low Money Down & Less Than Perfect Credit

FHA loans are used from homebuyers of all walks of life. This may include everyone from first-time homebuyers with average credit scores that want to take advantage of lower interest rates and reduced PMI rates versus their options with conventional financing to non-first-time homebuyers that have either limited funds for a down payment, credit issues or need the more relaxed underwriting guidelines offered by FHA.

Applicant Requirements:

• Meet minimum credit standards (580 is the minimum FICO requirement in 2017)
• Obtain a loan within the loan amount guidelines set within each county
• Provide a 3.5% minimum down payment (this does not include available down payment assistance programs)
• Be able to provide documents such as W-2s, bank statements and proof of current income
• Be purchasing a primary home (purchase loans only)
• Show steady income and demonstrate a responsible recent history of paying your bills on time