Who can get an FHA Loan?
Almost anybody can get an FHA loan. There are no income limits and it will provide financing on 1-4 unit residential properties to be used as primary residences. However, there are limits on how much you can borrow based on where the property is located. To qualify for an FHA loan, you’ll need a minimum 620 credit score and maximum debt to income ratio of 43% (exceptions made up to 55% with compensating factors). The interest rate and closing cost structure of the FHA loans are best suited for clients with less than perfect credit score and low down payment/equity.