I’m looking for some general knowledge about understanding FHA loans. Are there income cut offs for qualification for FHA loans? For example, If your income is $100k+, you can still put down a minimum 3.5% with a scary credit score? Thank you all in advance.
Arthur V. :)
Your income helps determine the amount of the loan you can get, up to the current FHA loan limit for your area. In Virginia Beach, for instance, I believe it is $458,850 max. I believe the percentage down will vary with your credit score. I'm not a lender, so they'd know more than I do about current scores, but I think it's 580 or higher can receive the 3.5% down payment option, and lower scores than that may still qualify for FHA with higher % down. Even if FHA allows it, it may be difficult actually finding a lender if you have a lower credit score as many have more strict terms.
Thank you for that Lynn for that information but I’m referring to more things like, does it matter how much you make to qualify for a FHA loan? If I make 1,000,000$ vs 50k a year, will a lender deny me if and say you need a conventional loan because your income is too high?
Originally posted by @Arthur Voskanyan :
Thank you for that Lynn for that information but I'm referring to more things like, does it matter how much you make to qualify for a FHA loan? If I make 1,000,000$ vs 50k a year, will a lender deny me if and say you need a conventional loan because your income is too high?
No. There are no FHA income minimums or maximums. Your income merely helps determine for HOW MUCH you are qualified.
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