FHA Mortgage Loan
Mortgage AmountPlease refer to table below for maximum FHA mortgage loan amount for your county
Down PaymentMinimum down payment amount is 3.5%. All or part of the down payment may be a gift.
2 Mortgage Insurance Premiums1) FHA charges an upfront mortgage insurance Premium of 1.75% of the loan amount. This is financed in the final loan amount.
2) There is also a monthly insurance premium of .0085 of the loan amount divided by 12.
Mortgage insurance is always required with FHA loan.
Seller ContributionsMay pay up to 6% of buyer's closing costs.
Qualifying RatiosFront-end (housing) ratio may be as low as 29% or as high as 45% in some cases.
Back-end (debt-to-income) ratio may be as low as 41% and as high as 57% in some cases.