FHA Loan Requirements for 2025
580 Credit Score -and- 3.5% Down Payment
The FHA loan program lets you purchase a home with a low down payment and flexible guidelines. FHA refinance mortgages are a great option for those who want to lower their monthly mortgage payment or consolidate their bills.
See how we make the American dream a reality. Whether you're a first-time homebuyer moving to a new home, or want to refinance your existing conventional loan to an FHA mortgage, there's an FHA program suited to your needs. With no income limits or credit scoring, many people who can afford the monthly mortgage payments and have reasonable credit will qualify for an FHA mortgage.
FHA Loan Articles
Cash-Out Refinance: The Pros and ConsJanuary 16, 2021What you may not know that there are many different types of refinances and different benefits that come with them. The cash-out refinance, or cash-out refi, is one that many borrowers opt for, for several reasons.
Organize Your Finances
Set money goals and develop a plan to reach them. Decide what's important to spend on, then save the rest and build a nest egg for a down payment on a home.
Learn About the Costs
Get informed about mortgages from several lenders or brokers. Know how much of a down payment you can afford, and find out about the costs involved.
Monitor Your Credit
Your credit report is based on the bill payments you have missed or have been late paying, loans that you have paid off, plus your current amount of debt.
Address Credit Issues
Look at your debt-to-income ratio, maintain satisfactory payments for at least one year, and challenge unfair or erroneous entries on your credit report.
Find the Right Home
As you narrow down your home choices, go beyond the surface appearance and look carefully at each house. Be sure to examine the physical details and construction.
Make an Offer
Your agent will draw up a contract and submit a formal purchase offer to the seller's agent. This will include the purchase price and your terms and conditions.
Don't Skip the Inspection
A thorough home inspection can give you a more complete understanding of the home's condition and possibly reveal problems that you can't see.
Get Ready to Close
Mortgages are complex transactions. Understanding all the forms and disclosures is an important part of responsible home ownership.
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