FHA LOAN
DETAILS: The mininum fico score for FHA loans is 580. The FHA loan comes with very low interest rates compared to other home loans and allows you to purchase a 1-4 unit home, town homes, and select condos, and manufactured homes with only 3.5% down. The maximum DTI (Debt to income ratio) is also higher which allows most buyers to qualify for more with this loan while still attaining a low monthly payment/interest rate.
This option is available for first time and non-1st time home buyers and is a great way to get into a home with a lower down payment. If purchasing a 2-4 unit home, FHA allows you to use up to 75% of the projected rental income from the other non-occupied units to help you qualify for more.
This calculator is provided for informational purposes only and is not a commitment to make a loan, nor should it be construed as lending advice. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet LTV requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines, and are subject to change without notice based on applicant’s eligibility and market conditions. NMLS#1533396