Conventional & VA Loans
Rates for Primary Home Purchase
Rates, terms, and fees as of January 25, 2022 11:33 am and subject to change without notice. Select a product to view important disclosures, payments, assumptions, and APR information. Please note we offer additional home loan options not displayed here. Rates for Primary Home Purchase.
FHA Mortgage Rates
If you’re considering a 30-year fixed-rate FHA mortgage, the most common type of mortgage for first-time home buyers, my rates are unbeatable. Whether you’re just starting to shop for a home loan or you’re ready to get pre-approved, I’ll give you all your FHA mortgage options, including no closing cost options. Get a free, no obligation rate quote today— no personal information required.
Top FHA Mortgage Questions
What are the credit score requirements for FHA mortgages?
Preferably, you’ll want to have a minimum credit score of 620. However, depending on your overall credit history, the minimum credit score can sometimes go as low as 580.
What is the maximum debt-to-income ratio for FHA mortgages?
Your debt-to-income (DTI) ratio is the percentage of your income which goes to paying current debts. For a FHA mortgage the maximum qualifying DTI is typically 45%. That said, depending on your credit score and cash reserves, some borrowers can still qualify with a DTI as high as 50%.
What is the minimum downpayment for FHA mortgages?
FHA mortgages require a minimum downpayment of 3.5%. These funds can come from your checking, savings, 401(k) or can be gifted by immediate family members.
What if I have some derogatory events on my credit report?
Most everyone has a had a few dings on their credit at some point. To qualify for a 30-year fixed-rate FHA loan, you must meet the following requirements:
- No bankruptcies in the last 2 years
- No short sales in the last 3 years
- No foreclosures in the last 3 years
Mortgage Rate Straight Talk
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