FHA loans are one of the most popular ways for first-time homebuyers to get into a home because they’re flexible and have lower barriers to entry. Here’s what you usually need:
✅ Credit Score: 580+ for just 3.5% down. (500–579 may still qualify with 10% down.)
✅ Stable Income: Lenders want to see steady employment for the past 2 years.
✅ Debt-to-Income Ratio: Typically under 43%, but some lenders allow higher with strong compensating factors.
✅ Primary Residence: FHA loans are for homes you’ll live in — not vacation or investment properties.
✅ Mortgage Insurance: You’ll pay a small monthly mortgage insurance premium (MIP).
At Trealtorr, we do all the math for you, check your credit, and help you see exactly what you qualify for, and what programs could lower your payment even more.
📲 Call or text us today at +1 (347) 831-6085 we’ll tell you in minutes if you qualify for an FHA loan and what your monthly payment might look like.