{"id":50429,"date":"2021-06-15T16:17:26","date_gmt":"2021-06-15T23:17:26","guid":{"rendered":"https:\/\/www.movoto.com\/blog\/?p=50429"},"modified":"2024-10-14T13:34:30","modified_gmt":"2024-10-14T20:34:30","slug":"what-is-an-fha-loan-and-who-can-apply-for-one","status":"publish","type":"post","link":"https:\/\/www.movoto.com\/blog\/what-is-an-fha-loan-and-who-can-apply-for-one\/","title":{"rendered":"What Is An FHA Loan?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">In the simplest terms, an FHA loan is a type of mortgage insured by the Federal Housing Administration. The credit score and down payment requirements for FHA loans are minimal, which makes it possible to get a mortgage when you aren&#8217;t ready for a <a href=\"https:\/\/www.movoto.com\/blog\/conventional-loan-definition-what-is-it-and-is-it-right-for-you\/\">conventional loan<\/a>.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">The 5 Types Of FHA Loans<\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Traditional Mortgage 203(b): The standard mortgage option.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Energy Efficient Mortgage: For energy efficiency improvements like lowering utility bills.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Section 245(a) Loan: Designed for borrowers anticipating future income growth. Of this type of loan, there are two options, a Graduated Payment Mortgage (GPM) and a Growing Equity Mortgage (GEM). A GPM begins with lower monthly payments that gradually rise, while a GEM has scheduled increases in monthly principal payments.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">203(k) Rehab Mortgage: Designed for homes that require renovations and repairs.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">FHA Reverse Mortgage (HECM): Designed for homeowners aged 62 or older to convert home equity into cash.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">FHA Loan Requirements<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">FHA loans have lower requirements when it comes to credit score and down payments compared to conventional loans. To meet the FHA loan eligibility criteria, you must meet the following:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If credit score is between 500-579, a 10% down payment is required<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If credit score is 580 or higher, a 3.5% down payment is required<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Debt-to-income (DTI) ratio: Must be 50% or less<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Steady, verifiable income and employment history<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The property must be your primary residence (no vacation homes or investment properties)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">No foreclosure history within the last three years<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Note that your downpayment can come from a number of sources, including savings, a financial gift, or via a downpayment assistance program. The timeline for closing on an FHA loan averages at 47 days, which is similar to conventional loans.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Pros and Cons of FHA Loans<\/span><\/h2>\n<h2><span style=\"font-weight: 400;\">Pros<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">When you consider that most conventional loans require at least 20% down and a credit score of 620 or higher, the lower requirements for credit scores and closing costs make FHA loans very enticing. T<\/span><span style=\"font-weight: 400;\">hey are backed by the government, which makes them less risky.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Cons<\/span><\/h2>\n<ul>\n<li><span style=\"font-weight: 400;\">The downside of FHA loans is that they can only be used for primary residences and have loan maximums.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">FHA loans also require an upfront mandatory mortgage insurance premium (MIP) that totals 1.75% of the amount you borrow as well as an annual mortgage insurance premium of 0.5% to 1.05% of your loan amount. <\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Max Amounts for FHA loans<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">While FHA loans have limits, the amounts are more than adequate to secure a property that meets your needs. For a <\/span><a href=\"https:\/\/www.hud.gov\/sites\/dfiles\/OCHCO\/documents\/2023-21hsgml.pdf\"><span style=\"font-weight: 400;\">single-family home<\/span><\/a><span style=\"font-weight: 400;\"> in <\/span><span style=\"font-weight: 400;\">low-cost areas, you can receive a mortgage for up to $498,257 while in high-cost areas, your mortgage can be up to $1,149,825. The exact amounts will depend <\/span><span style=\"font-weight: 400;\">on the area and property type.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">HUD Property Standard for Loans<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The HUD requires that any property purchased with an FHA loan meet the following minimum requirements:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Safe: The property must provide a good living environment with no health or safety hazards.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Sound: There should be no structural damage to the home.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Secure: The home should protect its occupants with functioning doors and windows.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">An appraiser will evaluate these criteria and create a report for your mortgage application. Ensuring the home is safe and secure helps protect the lender, as they can resell the property in the event of foreclosure.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Is an FHA Loan Right For Me?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Once you\u2019ve ruled out the possibility of other <\/span><a href=\"https:\/\/www.movoto.com\/blog\/8-different-types-of-home-loans\/\"><span style=\"font-weight: 400;\">home loans,<\/span><\/a><span style=\"font-weight: 400;\"> an FHA loan might be the perfect solution. This widely available, popular loan type can help you in many different home buying situations.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the simplest terms, an FHA loan is a type of mortgage insured by the Federal Housing Administration. The credit score and down payment requirements for FHA loans are minimal, which makes it possible to get a mortgage when you aren&#8217;t ready for a conventional loan.\u00a0 The 5 Types Of FHA Loans Traditional Mortgage 203(b): The standard mortgage option. Energy Efficient Mortgage: For energy efficiency improvements like lowering utility bills. Section 245(a) Loan: Designed for borrowers anticipating future income growth. Of this type of loan, there are two options, a Graduated Payment Mortgage (GPM) and a Growing Equity Mortgage (GEM). [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":50434,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[167,63],"tags":[136,49,75,111,182,88],"class_list":["post-50429","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-basics","category-finance","tag-affordability","tag-buying-a-home","tag-fha-loan","tag-mortgage","tag-mortgage-calculator","tag-mortgage-terms","post--single"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FHA Loan Overview &amp; Eligibility: A Great Fit For 1st Time Buyers<\/title>\n<meta name=\"description\" content=\"Have a low credit score and minimal savings but want to buy a house? You might still qualify for a loan. FHA, or Federal Housing Administration loans are designed for first-time homebuyers and individuals with lower credit scores and savings. If you\u2019ve been eyeing a home and don\u2019t qualify for a conventional loan, it\u2019s well worth looking into an FHA loan.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.movoto.com\/blog\/what-is-an-fha-loan-and-who-can-apply-for-one\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FHA Loan Overview &amp; Eligibility: A Great Fit For 1st Time Buyers\" \/>\n<meta property=\"og:description\" content=\"Have a low credit score and minimal savings but want to buy a house? You might still qualify for a loan. 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