Loans guaranteed by the Federal Housing Administration, aka fha loans, require that borrowers with at least a 580 credit score contribute a minimum 3.5% down payment. So, if you’re after a $200,000 home, you need $7,000 in down payment money. The good thing is you’re not limited to digging into your own pockets to come up with the cash.
Mortgage Type Loan Limits: We use mortgage loan limits down to the county level to identify if a user qualifies for an FHA or Conforming loan. Even at the 3.5% minimum down payment of the FHA program, down payments can still present a challenge.
Qualifications For Fha Mortgage Fha Loan Gift Money You still pay the FHA to insure your loan but the overall costs can be lower. And you can obtain the money for your down payment as a loan or gift from a family member, employer or charity. Most.