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Minimum FICO score of 580
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What are the requirements to get an FHA loan?
What are the requirements for an FHA loan? To qualify for an FHA mortgage loan, the FHA guidelines state that applicants must meet the following requirements. Minimum down payment of 3.5%: An FHA home loan requires a minimum down payment of 3.5% of the total home price if you have at least a 580 credit score.
How do I get an FHA home loan?
The first step to getting an FHA home loan is finding an FHA-approved lender. The good news is that the majority of banks and mortgage companies offer this type of mortgage, so finding a lender shouldn鈥檛 be too difficult. You can get FHA financing from banks, mortgage companies, credit unions, and online lenders.
What documents do I need to apply for an FHA loan?
Up to two years’ worth of original pay stubs, W-2 forms or valid tax returns. Signed and dated letters that detail the source and amount of any gift funds and explicitly state that you don’t need to pay back the money. An FHA-approved lender will walk you through the details of other documentation you might have to provide.
Do you have to be a first-time home buyer to get FHA?
You don’t need to be a first-time home buyer to get an FHA loan. FHA loans are often attractive to borrowers with lower credit scores or smaller down payments, since these loans typically have more relaxed qualification requirements than conventional mortgages.