Types of FHA Loans
- FHA Purchase Loans
- 203K – loan amount based on appraised value AFTER repairs are completed
- Streamlined 203k – Up to $35,000 for non-structural repairs
- FHA Streamline Refinance
Credit Requirements
- Typically 580-640 minimum FICO *varies by lender and loan program
- As low as 500 minimum FICO (10% down payment required)
Mortgage Insurance – Upfront Mortgage Insurance Premium (UFMIP)
- Required
- Currently 1.75% of the loan amount
- Can be paid in full at closing or financed into the loan.
- If the loan is paid off within 3 years, you may be entitled to a partial refund of any Upfront Mortgage Insurance Premium if it was paid in full at closing
Mortgage Insurance – Annual Mortgage Insurance Premium (MIP)
- Required
- May be cancelled under certain circumstances
- Rate varies on loan term and down payment percentage
15 year loan with down payment less than 10%: 0.7%
15 year loan with down payment of 10% or more: 0.45%
30 year loan with down payment less than 5%: 0.85%
30 year loan with down payment of 5% or more: 0.80%
Maximum Loan Amount
- $287,500
- Yes
Appraisal Required
Current Rates
Debt-to-Income Ratios
Rate Type
Down Payment Requirement
The down payment percentage required varies by loan program and impacts the interest rate, term available, credit score requirements, debt-to-income ratio and reserve requirements.Term
Owner Occupancy Type
Co-Borrower Occupancy Type
Down Payment Source
Gift Funds Permitted
Seller Contributions towards Closing Costs
Addicted Realty is not a mortgage lender and does not provide mortgage or financing advice. The above information is provided as a courtesy to our clients and is not a substitute for guidance provided by a licensed mortgage professional. Always consult a mortgage professional, tax professional or attorney prior to signing any mortgage or financing related documents.