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FHA Loan
Lower credit? Get the financing you need.
FHA loans are an attractive option for home buyers with a few bumps in their financial history.
If you have a credit score over 580 and can afford a 3.5% down payment, an FHA loan could be right for you.
FHA Loan Requirements
1. Minimum 580 Credit Score
1. Minimum 580 Credit Score
1. Minimum 580 Credit Score
Credit score of 580 for FHA loans
2. 3.5% Down Payment
1. Minimum 580 Credit Score
1. Minimum 580 Credit Score
You’ll need to make a down payment of at least 3.5% of your new home’s purchase price.
3. 3% – 6% In Closing Costs
4. Mortgage Insurance Premium (MIP)
4. Mortgage Insurance Premium (MIP)
With an FHA loan, you’ll need 3% – 6% of the purchase price available to cover closing costs.
4. Mortgage Insurance Premium (MIP)
4. Mortgage Insurance Premium (MIP)
4. Mortgage Insurance Premium (MIP)
You’ll pay an upfront mortgage insurance premium of 1.75% of the base loan amount as well as monthly MIP.
FHA Loan Benefits
Low Credit Score Requirements
You can get an FHA loan with a credit score of just 580 or higher.
Low Down Payment
With an FHA loan, you can put as little as 3.5% down.
Flexible Debt-To-Income Requirements
FHA loans come with less stringent debt-to-income (DTI) requirements than some other loans.
Flexible Borrowing Options
You can choose between a 15-year and 30-year term – with either a fixed or variable interest rate.
Shorter Waiting Periods
You may qualify for an FHA loan sooner after a major event such as a foreclosure, bankruptcy or missed payment.
Check today's mortgage rates.
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