FICO Flexibility:
The FHA home loan has less strict FICO score requirements, allowing more people to qualify for a home loan.
Gift Funds Allowed:
Gift funds are allowed for the down payment, which means your family can help.
Flexible Qualification:
Requirements for an FHA loan are generally more relaxed compared to other loans.
Credit score higher than 500 with 10% down
Credit score higher than 580 with 3.5% down
Ability to cover 3.5% down payment
Reasonable debt-to-income ratio
Home must be the borrower’s primary residence