FHA Loan Requirements

Many lenders are excited about the how aggressive FHA guidelines have been for people with fair credit. 2018 FHA requirements appear to be unchanged for most of the refinance and purchase programs that are insured by the Federal Housing Administration. As the market conditions change, so do FHA loan requirements for borrowers and lenders. For example, HUD implemented a minimum credit score for the first time this year. Borrowers need to have at least a 500 fico score for most FHA finance programs. HUD raised the reserve requirements for FHA lenders significantly a few years ago. 2018 loan limits remain higher on FHA loans in most counties across the country. When FHA loan requirements are altered it has a major impact across the whole mortgage industry, because FHA products are popular across the country for new home financing and equity challenged refinancing. We anticipate for certain programs, HUD will actually minimize FHA loan requirements.

Highlights of 2018 FHA Loan Rules and Standards

• 3.5% Down-Payment on Conforming Home Loans
• Low Credit Scores Allowed as Low as 500
• No Pre-Payment Penalties for Refinancing
• Streamlines Allow Quick Refinancing with Limited Documentation
• Reduced Premiums on Underwater Refinancing
• Low Interest Rates on FHA Mortgage Programs

In an effort to curb loan defaults, FHA loan requirements saw several changes to guidelines in the last year. The current FHA-mortgage rates broke records for low interest again last year, but will the minimum credit scores and increased equity requirements prevent the qualifications for too many struggling borrowers? Many loan officers believe that FHA guidelines have been tightened too much, but the U.S. Congress and HUD do not want to jeopardize this great home finance program that has been helping new home buyers since 1934. Choose from affordable home purchase and FHA-refinance rates. Please complete this quick form below and we will connect you with a loan officer that specializes in FHA lending.

Loan Type Select ---------------> Mortgage Refinance Cash Out Refinance Home Equity New Home Purchase Property Type Select One-----------> Single-Family Detached Condominium Cooperative Multi-Family Dwelling Modular Mobile Home Manufactured Home Property Value Select One-----------> 1st Time Buyer 75,000 - 80,000 80,000 - 85,000 85,000 - 90,000 90,000 - 95,000 95,000 - 100,000 100,000 - 105,000 105,000 - 110,000 110,000 - 115,000 115,000 - 120,000 120,000 - 125,000 125,000 - 130,000 130,000 - 135,000 135,000 - 140,000 140,000 - 145,000 145,000 - 150,000 150,000 - 155,000 155,000 - 160,000 160,000 - 165,000 165,000 - 170,000 170,000 - 175,000 175,000 - 180,000 180,000 - 185,000 185,000 - 190,000 190,000 - 195,000 195,000 - 200,000 200,000 - 205,000 205,000 - 210,000 210,000 - 215,000 215,000 - 220,000 220,000 - 225,000 225,000 - 230,000 230,000 - 235,000 235,000 - 240,000 240,000 - 245,000 245,000 - 250,000 250,000 - 255,000 255,000 - 260,000 260,000 - 265,000 265,000 - 270,000 270,000 - 275,000 275,000 - 280,000 280,000 - 285,000 285,000 - 290,000 290,000 - 295,000 295,000 - 300,000 300,000 - 305,000 305,000 - 310,000 310,000 - 315,000 315,000 - 320,000 320,000 - 325,000 325,000 - 330,000 330,000 - 335,000 335,000 - 340,000 340,000 - 345,000 345,000 - 350,000 350,000 - 355,000 355,000 - 360,000 360,000 - 365,000 365,000 - 370,000 370,000 - 375,000 375,000 - 380,000 380,000 - 385,000 385,000 - 390,000 390,000 - 395,000 395,000 - 400,000 400,000 - 405,000 405,000 - 410,000 410,000 - 415,000 415,000 - 420,000 420,000 - 425,000 425,000 - 430,000 430,000 - 435,000 435,000 - 440,000 440,000 - 445,000 445,000 - 450,000 450,000 - 455,000 455,000 - 460,000 460,000 - 465,000 465,000 - 470,000 470,000 - 475,000 475,000 - 480,000 480,000 - 485,000 485,000 - 490,000 490,000 - 495,000 495,000 - 500,000 500,000 - 505,000 505,000 - 510,000 510,000 - 515,000 515,000 - 520,000 520,000 - 525,000 525,000 - 530,000 530,000 - 535,000 535,000 - 540,000 540,000 - 545,000 545,000 - 550,000 550,000 - 555,000 555,000 - 560,000 560,000 - 565,000 565,000 - 570,000 570,000 - 575,000 575,000 - 580,000 580,000 - 585,000 585,000 - 590,000 590,000 - 595,000 595,000 - 600,000 600,000 - 605,000 605,000 - 610,000 610,000 - 615,000 615,000 - 620,000 620,000 - 625,000 625,000 - 630,000 630,000 - 635,000 635,000 - 640,000 640,000 - 645,000 645,000 - 650,000 650,000 - 655,000 655,000 - 660,000 660,000 - 665,000 665,000 - 670,000 670,000 - 675,000 675,000 - 680,000 680,000 - 685,000 685,000 - 690,000 690,000 - 695,000 695,000 - 700,000 700,000 - 705,000 705,000 - 710,000 710,000 - 715,000 715,000 - 720,000 720,000 - 725,000 725,000 - 730,000 730,000 - 735,000 735,000 - 740,000 740,000 - 745,000 745,000 - 750,000 750,000 - 755,000 755,000 - 760,000 760,000 - 765,000 765,000 - 770,000 770,000 - 775,000 775,000 - 780,000 780,000 - 785,000 785,000 - 790,000 790,000 - 795,000 795,000 - 800,000 Over 800,000 Credit Rating Select ---------------> Excellent Good Fair Poor

FHA products, guidelines and FHA loan requirements are subject to change by the Department of Housing and Urban Development and the Federal Housing Administration at any time. The FHA interest rates can change without notice.