FHA loans have more lenient qualification requirements

It’s easier to qualify for an FHA loan than it is for a conventional mortgage loan. FHA loan rules make allowances for borrowers who may not have an extensive credit history or an individual who may need to use gift money to make a down payment, for example. Here are the basic requirements to apply for an FHA loan:


  • A credit score of 500 or higher.
  • A debt-to-income ratio of 50% or less.
  • 3.5% minimum down payment.
  • The home must meet the FHA’s minimum property requirements and be your primary residence.
FHA loans can be used for different types of homes

FHA loans aren’t just for single-family homes. Guidelines for buying FHA-approved condos recently broadened, and you can also use an FHA loan to purchase a multifamily home or a manufactured home.

No matter the type of home, in nearly all cases it has to be your primary residence. For example, if you use an FHA loan to purchase a duplex, you need to live in one of the units. Investment properties aren’t eligible for FHA loans.

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