What Is an FHA Loan?
FHA loans are backed by the Federal Housing Administration and designed to help first-time and low-to-moderate income buyers qualify for homeownership with just 3.5% down and flexible credit requirements. Benefits include:
- Low down payment options
- Lower credit score acceptance
- Great for first-time buyers
Who Qualifies for an FHA Loan?
FHA qualifications:
- Minimum 580 credit score (for 3.5% down)
- Stable income & employment
- Property must be a primary residence
- FHA loan limits apply by county
FHA Loan Process
Step 1: Speak with a loan advisor
Step 2: Get pre-approved
Step 3: Find your home
Step 4: Finalize your FHA-backed mortgage
Testimonials
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FHA LOAN FAQ
Examples:
- Can I use gift money for my down payment?
- What’s the max loan amount in South Dakota?
- Can I get an FHA loan with student loan debt?