Buying your first home can be intimidating and confusing, but it doesn’t have to be. Mortgage advisers at 伍德球道集团 are here to help, and the FHA loan program is a great place to start.
The FHA loan program is a 政府ernment-insured* mortgage option. It was created by the Federal Housing Administration specifically for first-time homebuyers. FHA loans offer flexible qualification guidelines with a nice list of benefits.
While FHA loans aren’t only for first-time homebuyers, the qualification requirements were made with you in mind.
A 580 credit score is required for the lowest down payment benefit. Lower credit scores may qualify for FHA financing, but typically require a higher down payment.
43% is typically the highest debt-to-income ratio (DTI) allowed.
No previous homeownership in the last 3 years.
The home must be your primary residence for 12 months.
Homebuyers are only allowed to borrow up to a certain amount if they’re using an FHA loan. Each county or MSA (metropolitan statistical area) in the United States has its own FHA loan limit. The limits for two, three, and four-unit properties are successively higher than one-unit limits.
These limits are subject to change every year. 每个县都不一样. In 2023, low-cost counties carry an FHA loan limit of $472,030. 成本较高的县最高为1,089,300美元. 查看你所在地区的联邦住房管理局贷款限额 US Department of Housing and Urban Development website.
The FHA loan program does require that you pay mortgage insurance for the life of the loan. But it’s often a fair trade-off, considering the lower down payment and credit score requirements.
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Which types of properties are eligible for the FHA program?
You must move into the home within sixty days of securing the loan. Then, you must live in it as your primary residence for at least twelve months. 因此, homes purchased purely as an investment are not eligible to purchase through the FHA program.
The FHA loan program is not 可用 for second homes, unless:
- Your family grew and your property now “fails to meet family needs”
- The loan-to-value ratio on your current home is equal to or less than 75%
- You co-signed on an FHA loan to help get approval for a home you don’t occupy
- You got divorced and no longer live in the home that you bought with your spouse
What’s the true cost of owning a home with an FHA loan?
The upfront cost of home ownership with an FHA loan is confined to a low 3.5%首付款及成交费用. Depending on your credit score, your down payment could be as low as 3.购买价的5%. Since gift funds and seller-paid closing costs are allowed with the FHA loan, 你的前期成本可能接近于零.
Monthly mortgage payments will include principal, interest, taxes, and insurance (PITI). If you’re 租, you’re basically paying for these costs through your landlord.
If you can’t make the FHA loan’s down payment and gift funds aren’t an option, a down payment assistance (DPA) program may be able to help. 和抵押贷款顾问谈谈 to learn about their benefits, costs, and qualification options.