How Much💰Downpayment for a First Time Home Buyer using FHA Loan

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Now what are the requirements for an fha loan you might ask?

1. *Credit Score:* A minimum credit score of 580 is generally required. A score below 580 may still be considered with a higher down payment.

2. *Down Payment:* The minimum down payment is 3.5% of the home's purchase price.

3. *Debt-to-Income Ratio:* Your total debt payments (including the mortgage) should not exceed 43% of your gross income. Lenders may be flexible based on compensating factors.

These are general guidelines, and specific lenders may have variations. It's recommended to consult with an FHA-approved lender for precise details based on your situation. (Contact me for a Recommendation)