FHA is a low-down payment program when purchasing or refinancing a home.
FHA LOAN REQUIREMENTS
- Minimum credit score of 580. This is for a mortgage with a 3.5 percent down payment. 10 percent down is required for applicants with scores between 500 and 579.
- 3.5% down payment from an acceptable source. Your down payment can come from savings ora gift.
- Primary residence. This loan cannot be used to purchase a vacation home or second home.
Loan terms for FHA home buyers
- 30 year fixed rate
- 15 year fixed rate