🏡 FHA Loan Insights 🏡

Exploring the benefits of an FHA loan, a government-backed mortgage designed for flexibility: Credit Score Requirements: -Minimum 580 with 3.5% down (e.g., $10,500 on a $300,000 home). -Credit scores below 580 require 10% or more down. Property Eligibility: -Primary residences only. Mortgage Insurance: -Monthly payments for the life of the loan. -Portion added to the loan amount, remainder paid monthly. Debt-to-Income Ratio (DTI): -Allows 31%-55%, varying with credit score. -Higher credit score = higher DTI (more purchasing power). Loan Limits: -Single-family limit: $472,030 (2023), increasing to $498,257 (2024). Income and Reserve Funds: -No income restrictions. -Reserve funds: Typically, 2 months’ worth of mortgage payments. First-Time Buyer Appeal: -Not exclusive to first-timers but beneficial. -Lower credit score requirements, lower down payment, gift options, and partial seller-paid closing costs. 📞 Contact me at 386-589-9037 for assistance with buying, selling, or refinancing! Don’t forget to share, like, comment, and subscribe! 🏡✨ #FHALoans #Homeownership #RealEstateInsights