Today's featured FHA question

"What is the minimum down payment required to buy a home with an FHA Mortgage Loan?"

Maria & Dennis - Iowa City, Iowa
Answer from ApprovedFHA.com

"In most cases, borrowers looking to buy a home with an FHA mortgage will only need 3.5% for a down payment..."

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FHA Home Loan Information

Approved FHA Lenders are safe-guarded against losses and are able to issue mortgages at very attractive terms. FHA loans offer a low fixed interest rate and qualifying for FHA loans is usually straight-forward...

With an FHA Loan:

FHA Loan Requirements:

  • Credit: 620 score is desirable but you may be able to qualify down to 500
  • Income: You must prove that you make enough money to afford the FHA loan
  • Employment: 2 year consistent work history verified by proper documentation
  • Appraisal: Your home must be appraised by an approved management company that is HVCC compliant.
More on FHA loan requirements...

FHA Loan Update

August 2nd, 2011

FHA Loan Requirements

What will you need? Click the link below to read about FHA Loan Requirements, credit and income requirements, FHA lender guidelines and the documents that may be required by your FHA lender....

Read more on FHA loan requirements

FHA Loans and You

April 11th, 2011

Using a Mortgage Broker?

As of April 1st, 2011, mortgage originators will no longer be allowed to collect Yield Spread Premium (YSP) - a fee charged by mortgage brokers that is normally paid for by the lender upon closing a purchase or refinance transaction. This can mean higher up front fees for [you] the consumer....

Read more on how this may affect you

FHA Loans and You

FHA Mortgage Insurance Increase

On February 14, the FHA announced a new premium for FHA single-family mortgages, increasing the annual mortgage insurance premium (MIP) by a quarter of a percentage point (.25) on all 30-year and 15-year loans.

How will this affect you? [click]

For Home Buyers

Everything you need for Buying a Home FHA

FHA loans allow you to buy a home at very affordable terms. With FHA's low down payment requirements, light qualification guidelines and competitive fixed rates, millions of American's have turned to an FHA loan for their home purchase...


More about FHA loans for buying a home

FHA Refinance

Refinancing With a FHA Loan

If you are thinking about a refinance, an FHA refinance might be the solution. FHA loans offer rates just as low as conventional loans and in many cases are easier to qualify for...


Read more on FHA refinance requirements