FHA Standard
Min. FICO 580
Up to 97.75% CLTV
FHA Standard loan is government-backed mortgage designed to help low- to moderate-income borrowers achieve homeownership. With a less stringent credit score and down payment requirements than traditional loans, FHA Standard Loan is ideal for first-time homebuyers.
Program features- Loan amounts up to $524,225*
- DTI as per AUS
- LTV up to 97.75%
- Min. FICO 580
- MIP is required
- Great for the first-time homebuyers
- Min. down payment 3.50%
- Less than average credit score requirements
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Program details
Loan amounts up to $524,225
DTI as per AUS
LTV up to 97.75%
A maximum LTV of 80% for cash-out refinances
Owner occupied only
Income history of at least two years through employment verification
Min 1 month of reserves for 1- or 2-unit properties and 3 months of reserves for 3- or 4-unit properties required
Gift funds are allowed
MIP upfront and monthly insurance throughout the life of the loan (or 11 years with a 10% or more down payment) is required
Mortgage history: At least 2 years out of credit events
Eligible property types: SFR, 2-4 units, PUDs, condo, modular homes, manufactured homes
Various fixed terms
Eligible citizenship: US citizens, Permanent Resident aliens, with proof of lawful permanent residence
Eligible borrowers: Individuals, living trusts
Fast turnaround times
As fast as
24 hr
Disclosure
As fast as
24 hr
Underwriting
As fast as
48 hr
* FHA loan amounts are determined by the county loan limits, and therefore, the limit is not always $524,225. For the most accurate and up-to-date information regarding FHA loan limits in a specific county, please refer to the FHA Mortgage Limits Lookup tool provided by HUD at this link https://entp.hud.gov/idapp/html/hicostlook.cfm