FHA loans are mortgages backed by the Federal Housing Administration (FHA), and unlike traditional mortgages, they do not require that applicants have high credit scores or make a large down payment.
The FHA Loan Requirements for 2022 are:
- Minimum Down Payment: 3.5% with a credit score above 580; 10% with a credit score between 500 and 579.
- Minimum Credit Score: 500
- Maximum Debt-to-Income Ratio: Front-end DTI (mortgage payments only): 31% Back-end DTI (all debt payments): 43%
- Minimum and Maximum Income: no minimum or maximum income
- Documentation Needed:
- Proof of Social Security number
- Driver’s license
- Proof of employment (e.g., original pay stubs, W-2s, 1099s)
- Permanent address and proof of residence
- Federal income tax returns from the past two years
- Bank statements
- If refinancing: notes and deeds from other mortgages, property tax bill, homeowner’s insurance, rental agreements (if applicable)
| HOUSING TYPE |
LOW-COST AREA |
HIGH-COST AREA |
| Single |
$420,680 |
$970,800 |
| Duplex |
$538,650 |
$1,243,050 |
| Tri-plex |
$651,050 |
$1,501,475 |
| Four-plex |
$809,150 |
$1,867,275 |
* Loan limits by state and county can be found on the FHA website.
Please reach out when you’re ready to explore financing options for your home.
