An FHA loan is a mortgage insured by the Federal Housing Administration (FHA), a government agency. This insurance protects lenders against losses, making them more willing to offer loans to borrowers with lower credit scores or smaller down payments.
Eligibility for an FHA loan generally requires:
• A minimum credit score of 580 for a 3.5% down payment
• A down payment as low as 3.5% of the purchase price.
• A stable employment history, typically for the past two years.
• The property must be your primary residence.
• Debt-to-income (DTI) ratios generally around 43%, though FHA allows for higher ratios in some cases with compensating factors.
No, FHA loans do not have specific income limits for borrowers. Your eligibility is based on your ability to qualify for the loan, primarily through your credit score, DTI, and stable income.
No. While FHA loans are very popular with first-time home buyers due to their flexible requirements, anyone who meets the eligibility criteria can obtain an FHA loan, regardless of their past homeownership status.
FHA loans can be used to purchase single-family homes, multi-unit properties (up to four units, if you occupy one), condominiums, and some manufactured homes, provided they meet FHA's minimum property standards and are appraised by an FHA-approved appraiser.
FHA loan limits are the maximum loan amounts permitted for FHA-insured mortgages. These limits vary by county and property type and are updated annually. For 2025, the "floor" for a single-unit home in most areas is $524,225, while the "ceiling" in high-cost areas can be up to $1,209,750. However, Miami – Fort Lauderdale and Pompano Beach are $654,350 for one-family, $837,700 for two-family, $1,012,550 for three-family and $1,258,400 for four-family. Please check with your local mortgage broker.
FHA loan limits are the maximum loan amounts permitted for FHA-insured mortgages. These limits vary by county and property type and are updated annually. For 2025, the "floor" for a single-unit home in most areas is $524,225, while the "ceiling" in high-cost areas can be up to $1,209,750. However, Miami – Fort Lauderdale and Pompano Beach are $654,350 for one-family, $837,700 for two-family, $1,012,550 for three-family and $1,258,400 for four-family. Please check with your local mortgage broker.
