Can I qualify for an FHA loan?
I make $120k a year and I was wondering if I can qualify for an FHA loan. What is the downpayment and the requirements? I plan to buy in the Dallas area and this is my first time buying a house by jimmy127 from Dallas, Texas. Nov 11th 2022
J.D. Peck (TheJDPeckLendingTeam)
#44 ranked lender in Colorado - 82 contributions
FHA requires a down payment of 3.5% of the purchase price for credit scores of 580+ and a 10% down payment requirement for credit scores between 500-579. Many lenders may tell you that you have to have a minimum credit score of 620, 600 or 580, but if you are told this, it is THEIR requirement as a lender (called an "overlay"). It's important to ask if your lender has overlays, as the qualifying criteria with a lender who has overlays will be more strict than what FHA actually requires.
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