The FHA loan is the second most common loan program in the country, made popular by its flexible guidelines and loan qualification requirements.
It’s the most common first time home buyer loan and is ideally suited for people looking to purchase a multi-unit home, for borrowers with lower credit scores (under 680) and for lower down payments.
Whether you’re looking to use the FHA mortgage for a home purchase or an FHA Cash out refinance, our article will highlight FHA’s loan requirements to qualify, guidelines that you’ll have to meet and loan income requirements.
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Eligible borrowers looking to purchase or refinance a home, may qualify for an FHA loan if they meet the below criteria. FHA loans are also NOT limited to first-time buyers as some borrowers believe.
Unlike the Rural Housing Loan Income Limits, the FHA loan does not have specific income limitations. However, FHA requirements and guidelines set forth several rules when it comes to income documentation and calculation.
FHA loans have some of the most flexible guidelines and requirements of any new home loan option. The offer low down payment requirements, flexible credit scores, and higher debt-to-income ratios than Conventional mortgages.
Click on the link below to see if you qualify and get your free FHA Loan Comparison today! Or read more about applying for an FHA loan online.