FHA offers .

FHA home loans are available for individuals with a 580 or higher credit score. With a 3.5% minimum down payment, it makes this loan more accessible than other mortgages.

An FHA loan is a mortgage that is insured by the Federal Housing Administration (FHA). They usually come with a lower down payment requirement and more lenient credit restrictions. In fact, the down payment on an FHA loan can be as little as 3.5% of the purchase price of the home, and they can be taken out on properties with up to four units, allowing qualified buyers to not only own their own home, but to potentially have rental income as well. Conventional mortgages have more stringent credit requirements, and the down payment is usually higher than an FHA loan.

FHA Programs with no credit Scores – Insured by the Government

Loan Parameters

  • Minimum of 3.5% down payment
  • Primary Residence only
  • Terms; 30, 20, 25, 15 and 10 year loans
  • Loan amounts can go up to $420,680.00 for single family residence
  • Minimum credit scores 580 (500-580 with 10% down payment)
  • Citizen, Permanent Resident or Work Visas are allowed.
  • Full documentation using tax returns and w2’s or 1099’s
  • Escrows are required, taxes and insurance must be included in the monthly payment
  • 100% Gift Funds for a relative are allowed
  • Home must be livable
  • Recently renovated home will have some limitations (called Flipping guidelines), new construction or older home are allowed. Single family residence and town home as well.
  • Condominiums must be FHA approved
  • Co-Signers are allowed

Types of Income Documents Allowed:

  • Full documentation using tax returns
  • W2s – 2 years
  • Paystubs if applicable – 1month
  • Bank Statements – 2 months
  • Employment Work Visas such as TPS and DACA are allowed