FHA Loan Programs and Requirements

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FHA Loan Programs and Requirements

  Approximately 40% of all home loans in the US are through…

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Approximately 40% of all home loans in the US are through the Federal Housing Administration (FHA). FHA Loans are some of the easiest types of mortgage loans to qualify for because they require a low down payment and the borrower can have less-than-perfect credit.

2020 FHA Loan Requirements:

  • 500 to 579 FICO score requirement* and 10% down payment
    580 or above FICO score requirement with least a 3.5% downpayment
  • An appraisal must be done by an FHA approved appraiser
  • Mortgage insurance (MIP) usually around 0.85 percent of the loan amount annually
  • Steady employment with proven income with recent tax returns, W2’s, and paycheck stubs
  • Two years of employment at the same company
  • Must occupy the home as primary residence
  • At least 18 years of age

FHA Loan Advantages:

  • They are very popular for first-time home buyers because of their flexible qualifying guidelines and low down payments
  • Borrowers with credit scores as low as 500 can qualify for an FHA loan
  • Lower income borrowers are able to get approved for a home loan through the FHA due to the FHA allowing lenders more flexibility on debt to income ratios than conventional mortgages
  • Lower interest rates when compared with conventional loans, which can result in large net savings over the lifetime of a loan


  • Lower loan limits
  • Homes that need renovations do not qualify
  • Mortgage insurance is required and Mortgage insurance costs are higher upfront
  • More required paperwork

Also, take a look at FHA loan questions from other borrowers that we’ve helped. Hope this info helps and don’t forget, we’re here to help if you have any more questions.

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