FHA loans are mortgage loans insured by the Federal Housing Administration (FHA) and are available to a wide range of borrowers, including first-time homebuyers.

Qualification:

• To be eligible for an FHA loan, individuals must meet certain criteria, including having a valid Social Security number, being a lawful U.S. resident, and having a steady employment history.

Credit Score:

• The minimum credit score requirement for an FHA loan is typically 580, although borrowers with a lower credit score between may be required to make a higher down payment.

Down Payment:

• FHA loans require a minimum down payment of 3.5% of the purchase price. This down payment can be sourced from personal savings, gifts, or grants.

Debt-to-Income Ratio:

• The maximum debt-to-income ratio allowed for FHA loans is typically 43%, although some lenders may be flexible with higher ratios.

Stable Income:

• Borrowers must have a stable and reliable income, typically demonstrated through employment history or other sources of income.

Property Requirements:

• FHA loans have specific property requirements, including meeting certain safety and livability standards.

It is important to note that specific requirements may vary depending on the lender and individual circumstances. Consulting with an FHA-approved lender is recommended for detailed information and to determine eligibility.