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You are here: Home / FHA Loan

FHA Loan

FHA
Flexible loan.  Lower requirements.

FHA loans are generally more flexible for credit, income, and down payment requirements, therefore FHA loans are a great choice for a borrower who cannot qualify for a conventional loan.  Insured by the Federal Housing Administration, FHA loans were originally designed for first-time buyers with less-than-perfect credit or past credit issues.  Today, FHA loans are available to borrowers of all kinds—even homeowners looking to refinance.  We work with direct sellers/servicers for Fannie Mae, Freddie Mac, and Ginnie Mae.

•  3.5% Down Payment, or 0% Down Payment if using the Down Payment Assistance Program

•  580 Minimum Credit Score 

•  43% Preferred Debt-to-Income (DTI), but possibly up to 56.99% DTI with Compensating Factors (larger down payments, large cash reserves, very low debt-to-income ratios, 720+ credit score, minimal increase in housing payment).  Note that the separate ratio for housing DTI needs to be under 46.99%

•  Manual Underwriting is available.

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© 2023 Elegant Loans, Corp.
5811 Memorial Hwy #201
Tampa, FL 33615
+1 727 734 5051
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