Insured by the Federal Housing Administration (FHA), this is a great option for first-time buyers. If you have a limited down-payment, limited credit history, or blemishes on your credit history, this makes it easier for you to qualify. FHA offers low-interest rates for affordable monthly payments.
Products
FHA Loans
Insured by the Federal Housing Administration (FHA), this is a great option for first-time buyers. If you have a limited down-payment, limited credit history, or blemishes on your credit history, this makes it easier for you to qualify. FHA offers low-interest rates for affordable monthly payments.
FHA Loan Features
More Accommodations
FHA loans allow for lower FICO® scores and credit blemishes.
Low
Down Payments
This product requires less income
to qualify.
to qualify.
Primary
Residence Only
FHA loans are only meant for primary residences. First-time homebuyers still building credit tend to favor FHA loans.
Common FHA Loan Questions
What are FHA Requirements for a Purchase at iApprove Lending?
- FHAs are for primary properties (where you intend to live),
- Property conditions meet housing codes
- A minimum 3.5% down payment
- A minimum FICO® Score of 580
- You can finance money to cover the loan’s upfront mortgage insurance premium (UFMIP).
- Monthly housing expenses cannot exceed 47% of your pre-tax income
- Total Monthly combined liabilities (e.g., housing expenses, credit card payments, loan payments) do not exceed 57% of your monthly pre-tax income
We will guide you if other additional requirements are needed.
What are FHA Requirements For Refinance Rate-Term at iApprove Lending?
- A minimum FICO® Score of 580
- Monthly housing expenses cannot exceed 47% of your pre-tax income
- Monthly combined liabilities (e.g., card payments, credit card payments, loan payments, housing expenses) do not exceed 57% of your monthly pre-tax income
We will guide you if other additional requirements are needed.
What are the requirements for FHA Refinance Cash-Out at iApprove Lending?
- FHAs are for primary properties (where you intend to live).
- Property conditions meet FHA standards
- A minimum FICO® Score of 580
- Monthly housing expenses cannot exceed 47% of your pre-tax income
- Total monthly combined liabilities (e.g., credit card payments, loan payments, housing expenses) do not exceed 57% of your monthly pre-tax income
- Maximum Loan-to-Value is 80%
- Payment history requirements:
- Proof that borrower(s) completed the last 12 monthly payments or ever since the borrower obtained the loan, they completed a minimum of 6 monthly payments
We will guide you if other additional requirements are needed.
Start a quote right now
Use our live calculator to see today’s rate.
Start a quote
right now
Use our live calculator to see today’s rate.