logo at navbar the onyx group mortgage

FHA Home Loan Requirements

Your Path to Homeownership, Even with Less-Than-Perfect Credit

FHA loans offer low down payments and flexible credit requirements, making them ideal for first-time homebuyers. The Onyx Group's expert advisors will guide you through the process and help you secure your dream home.

FHA Home Loan Your Gateway to Affordable Homeownership

At The Onyx Group, we believe that homeownership should be within reach for everyone. FHA loans, backed by the Federal Housing Administration, offer a gateway to affordable homeownership with flexible qualification criteria and lower down payment options. We're dedicated to guiding you through the FHA loan requirements and helping you secure the financing you need to achieve your dream of owning a home.

divider onyx group mortgage

What are FHA Loan Requirements?

FHA loan requirements are the specific criteria borrowers must meet to qualify for an FHA-insured mortgage. These guidelines encompass various aspects, including:

  • Credit Score

    FHA loans generally require a minimum credit score of 580 for a 3.5% down payment. However, some lenders may have higher minimum credit score requirements.

  • Down Payment

    The minimum down payment for FHA loans is 3.5% of the purchase price for borrowers with a credit score of 580 or higher. If your credit score is between 500 and 579, the minimum down payment increases to 10%.

  • Debt-to-Income Ratio (DTI)

    Your DTI, which compares your monthly debt payments to your gross monthly income, should generally be 43% or lower. However, some lenders may allow higher DTIs with compensating factors.

  • Employment and Income

    You'll need to demonstrate a stable employment history and verifiable income to show your ability to repay the loan.

  • Property Requirements

    The property you're purchasing must meet the FHA's minimum property standards for safety, security, and soundness.

  • Mortgage Insurance Premium

    FHA loans require mortgage insurance, which protects the lender in case of borrower default.

  • Property Appraisal

    The property must meet FHA's minimum property standards and be appraised by an FHA-approved appraiser.

  • Primary Residence

    The property must be your primary residence.

divider onyx group mortgage

Schedule a Meeting

Get Expert Mortgage Advice.

Book Your One-on-One Consultation Now!

You have questions, we have solutions.

profile picture

Book a Call

Strategy Call with undefined

undefinedMin Call

Select a Date

Select a Time

divider onyx group mortgage

Who Needs an FHA Loan?

FHA loans are ideal for various individuals, including:

FHA Loan Requirements

First-Time Homebuyers

Those who may have limited savings for a down payment or a less-than-perfect credit history.

FHA Loan Requirements

Borrowers with Lower Credit Scores

FHA loans are more forgiving with credit scores compared to conventional loans.

FHA Loan Requirements

Limited Down Payment Options

FHA loans require a minimum down payment of just 3.5% for qualified borrowers.

FHA Loan Requirements

Affordable Mortgage Options

FHA loans often offer competitive interest rates and lower closing costs.

divider onyx group mortgage

Benefits and Advantages of FHA Loans

[object Object]

Lower Down Payment

Purchase a home with as little as 3.5% down, making homeownership more attainable.

[object Object]

Flexible Credit Requirements

Qualify even with a credit score as low as 500 (with a 10% down payment).

[object Object]

Assumable Mortgages

The FHA loan can potentially be transferred to a qualified buyer when you sell your home.

[object Object]

No Prepayment Penalties

You can pay off your loan early without incurring additional fees.

[object Object]

Variety of Property Types

FHA loans can be used to purchase single-family homes, condos, townhomes, and even certain multi-family properties.

Learn More

Explore more about our products and the process

divider onyx group mortgage

Why Choose The Onyx Group for your FHA Loan?

The Onyx Group is your trusted partner for navigating the FHA loan process:

  • Expertise and Experience

    Our team is well-versed in FHA loan guidelines and can help you understand the requirements.

  • Competitive Rates and Terms

    We offer competitive interest rates and work with you to find the best possible terms.

  • Personalized Service

    We provide tailored guidance and support throughout the application and approval process.

  • Streamlined Process

    We leverage technology and expertise to make the loan process efficient and stress-free.

  • Commitment to Your Success

    We're dedicated to helping you achieve your homeownership dreams, even if you have limited funds or less-than-perfect credit.

  • Transparent Communication

    We prioritize educating you about ARMs, including potential rate adjustments and how they may impact your payments.

divider onyx group mortgage
Hero Home Loans onyx group mortgage company

Complete and Advanced Guidelines for FHA Loans

Understanding the details is key to a smooth FHA loan process:

Documentation: Gather necessary documents, including proof of income, employment verification, and credit history.

Property Eligibility: Ensure the property you're interested in meets FHA's minimum property standards.

Mortgage Insurance: Understand the upfront and annual mortgage insurance premium requirements.

Closing Costs: Factor in closing costs and explore potential assistance programs.

divider onyx group mortgage

Key Points of Stats of Fixed-Rate Mortgages

divider onyx group mortgage

Frequently Asked Questions

Anything Unclear or Need Some Help? Relax, We Are Here for You 24/7

Relax and take comfort in knowing that our 24/7 support ensures you're never alone on your financial journey.

Ready to Finance Your Dream Home?

Unlock luxury living and real estate investment with Jumbo Non-QM Loans. Contact The Onyx Group today to explore your financing options.

onyxgroupmortgage_Logo

NMLS# 397532

(949) 396-1204

17341 Irvine Blvd, Tustin, CA 92780

hello@onyxgroupmortgage.com

Onyx Group Mortgage Icon631

Legal Disclaimer

Onyx Group Mortgage is a division of Ameritrust Mortgage Corporation, NMLS #217229 located at 17341 Irvine Blvd., Suite 285, Tustin, CA 92780. Ameritrust Mortgage Corporation does not provide legal, tax, or financial advice or guidance and is not associated with any government agency. This is not an offer for an extension of credit nor a commitment to lend. Programs, rates, terms, and conditions are subject to change without notice. Certain restrictions may apply. All approvals are subject to underwriting guidelines and minimum credit requirements. Not all loans or products are available in all states. For current licensure information, please visit: www.nmlsconsumeraccess.org.

Terms & Conditions | Privacy  | State & Licensing

© The Oynx Group LLC. All Rights Reserved - Powered by Maple54