The big advantage of an FHA loan is that you can get away with putting as little as 3.5% down, assuming your credit score is up to snuff. (Compare this to the 20% down payment required for most conventional loans.) Another bonus of an FHA loan? Up to 100% of your FHA down payment can come from a gift. If you can’t scrape together that 3.5%.
Requirements For Home Loan You have to be at least 18 years of age in order to be approved for a home loan. In general, many banks are also hesitant to lend to older borrowers. While there aren’t exceptions for borrowers over 18, there are exceptions for borrowers over the age of 55.
Find out how much you can afford to borrow with NerdWallet’s mortgage calculator. Just enter your income, debts and some other information to get NerdWallet’s recommendation for how big a mortgage.
The Benefits of Getting a Loan from Quicken Loans We’re an FHA-approved lender and process FHA loans every day. You get a completely online application with less paperwork. home loan experts are available via chat, email and phone to help you understand whether an FHA loan is right for you.