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.