Requirements

Here's what you'll need to get started.

Minimum Credit Score

Borrowers typically need a credit score of at least 580 to qualify for an FHA loan with a low down payment option.

Down Payment

A minimum down payment of 3.5% of the purchase price is required, making it a great option for buyers with limited savings.

Debt-to-Income Ratio

The borrower’s monthly debt payments should not exceed 43% of their monthly gross income, though some exceptions can be made.

Property Requirements

The home must meet certain safety, security, and soundness standards set by the FHA to qualify for financing.

Mortgage Insurance Premiums (MIP

FHA loans require both an upfront MIP and an annual MIP, which helps protect the lender in case of default.

Mortgage Insurance Premiums (MIP

FHA loans require both an upfront MIP and an annual MIP, which helps protect the lender in case of default.
Dashboard mockup
How The Mortgage Phoenix Group Can Help

If you’re a first-time homebuyer, you probably have questions about down payments, credit scores, and the overall affordability of purchasing your first home. The FHA loan is designed to offer flexibility in these areas, and a Loan Officer at The Mortgage Phoenix Group can help you navigate this process. We’ll work with you to explore low down payment options, even if you have a lower credit score or higher debt-to-income ratio. Our mortgage planning approach ensures that you fully understand the terms of your loan, how much you can comfortably borrow, and how to prepare financially for homeownership. We’re here to answer your questions and help you take confident steps toward buying your first home.

Ready to Start the Application Process?

Our loan officers will help answer any remaining questions and guide you into a successful home purchase! Get started today.