What are the eligibility requirements for FHA loans?
An example of an AI chatbot conversation about FHA loan eligibility requirements.
What are the eligibility requirements for FHA loans?
To qualify for an FHA loan, you typically need a credit score of at least 580, a down payment of 3.5%, and a steady income.
Is there a maximum loan amount for FHA loans?
Yes, the maximum loan amount varies by county. In most areas, it's around $420,680, but it can be higher in high-cost areas.
Do I need to be a first-time homebuyer to qualify?
No, you don't have to be a first-time homebuyer. FHA loans are available to anyone who meets the eligibility criteria.
What if my credit score is below 580?
If your credit score is below 580, you may still qualify with a higher down payment of at least 10%.
Are there any income limits for FHA loans?
No, there are no specific income limits for FHA loans, but your debt-to-income ratio should generally be below 43%.
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