| Today's FHA Mortgages usually require that the | | | | By law, FHA Lenders cannot insure loans that exceed |
| borrower have a minimum of a 620 middle fico score. | | | | certain amounts based on the metropolitan area or |
| This requirements is not very old and FHA home loans | | | | county in which you live. The highest maximum FHA |
| of past years did not have any credit score | | | | mortgage right now is $729,750. The lowest FHA |
| requirement. When your credit is being considered, | | | | lender maximum amount available in any county is |
| many different factors will be looked at. Some of | | | | $271,050. the second factor is the maximum FHA |
| those factors are what type of credit accounts you | | | | Financing. Depending on the state where the property |
| have held (i.e. mortgage, auto, credit cards, etc.). Your | | | | is located, FHA Loan Requirements state that the |
| past willingness to make payments on time will be | | | | maximum financing will be 97.75% of the lower of the |
| closely examined. | | | | purchase price, the appraised value of the home or the |
| When evaluating borrower income, current FHA Loan | | | | amount you are refinancing plus closing costs. If you |
| Requirements state that your monthly housing costs | | | | are refinancing and taking cash out, the loan will be |
| (mortgage principal and interest, property taxes and | | | | limited to 85% of the appraised value. |
| insurance) must meet a specified percentage of your | | | | You must have a valid Social Security Number (SSN), |
| gross monthly income (31% ratio). Your credit | | | | even if you are not a U.S. citizen. An individual Tax |
| background will be considered. You must also have | | | | Identification Number (ITIN) is not an acceptable |
| enough income to pay your housing costs plus all | | | | substitute for a SSN. U.S. citizenship is not required for |
| additional monthly debt (43% ratio). These percentages | | | | eligibility. When you indicate on your loan application |
| may be exceeded with compensating factors. | | | | that you hold something other than U.S. citizenship, the |
| The maximum loan amount under today's FHA Loan | | | | lender must determine your residency status from the |
| Requirements is determined by two separate factors. | | | | documentation you provide. |
| The first factor is the Maximum FHA Loan Amount. | | | | |