First Time Buyer Fha Loan Requirements

You could be eligible for a government-backed loan. to the FHA, 84 percent of condo buyers it backs have never owned a home before. Housing and Urban Development Secretary Ben Carson said the.

FHA loans are designed to make home ownership more affordable, especially for first time home buyers or prospective home buyers. But just like with any mortgage product out there, you’ll still need to meet the minimal qualification requirements, which we outlined below: The minimum credit score you’ll need to qualify for a FHA loan is 580.

What Homes Qualify For Fha Fha Borrower Requirements 2018 FHA Loan Requirements 500-579 fico score requirement with a 10% down payment. 580+ FICO score requirement for borrowers with at least a 3.5% downpayment. An appraisal must be done by an fha approved appraiser. mortgage insurance (mip) is required. Steady employment and be able to prove.