FHA Loan Fact Sheet 2025

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Sufficient Income FHA Loans vs. Conventional Loans FHA LOAN Minimum Down Payment 3.5% with a credit score of 580+ and 10% for a credit score of 500 to 579 Loan Terms 15 to 30 years Mortgage Insurance Requirements Upfront MIP + annual MIP for either 11 years or the life of the loan, depending on LTV and length of the loan4 more rows
Income Scenarios ScenarioDown PaymentEstimated Income Needed Conservative 20% ($60,000) $75,000 Moderate 10% ($30,000) $85,000 Aggressive (FHA Loan) 3.5% ($10,500) $95,000 Jul 11, 2024
Despite the lenient FHA loan requirements, being denied is possible. The three primary factors that can disqualify you from getting an FHA loan are a high debt-to-income ratio, poor credit, or lack of funds to cover the required down payment, monthly mortgage payments, or closing costs.
The basic FHA mortgage insurance program is Mortgage Insurance for One-to-Four-Family Homes (Section 203(b)). FHA allows first time homebuyers to put down as little as 3.5% and receive up to 6% towards closing costs. However, some lenders wont allow a seller to contribute more than 3% toward allowable closing costs.
Down payment: 3.5% (score 580 or higher), 10% (score of 500 to 579) Debt-to-income ratio: 43% Mortgage insurance: Required. Income limits: None.
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