First things first: an FHA Loan is a mortgage that is insured by the FHA (or Federal Housing Administration). FHA Loans have no income limits, but require a 3.5% minimum down payment and a maximum loan amount of $472,030. If the property is a condominium, it must be on the FHA-approved list. In addition, an upfront mortgage insurance premium is financed into the loan, with seller concessions up to 6% of the sales price.
FHA Loans

What is an FHA Loan?
Who is eligible for FHA home loans?
Often popular among first-time home buyers, FHA Loans appeal to those who may not have a lot of savings or might be feeling some credit challenges (usually with a credit score of 580 or higher, although those with scores between 500-579 can still qualify, but need to make a larger down payment.) Also, with FHA Loans, gifts are allowed (such as financial support from family, employers or charitable organizations).
Features
Increased mortgage opportunity:
Since the FHA insures mortgages (providing an added layer of protection) a lender is more apt to offer favorable terms to borrowers who might not otherwise qualify for a home loan.
Multiple locations:
With an FHA Loan, owners can pursue buying or refinancing anything from single-family houses, multifamily houses, manufactured homes, or even condos. FHA Mortgages can also be utilized for renovations or new construction.
Higher debt-to-income ratio:
An FHA Loan allows for debt-to-income ratios as high as 50% (in other words, your monthly debt can’t be more than 50% of your income, pre-tax.)
Who is eligible for FHA home loans?
Often popular among first-time home buyers, FHA Loans appeal to those who may not have a lot of savings or might be feeling some credit challenges (usually with a credit score of 580 or higher, although those with scores between 500-579 can still qualify, but need to make a larger down payment.) Also, with FHA Loans, gifts are allowed (such as financial support from family, employers or charitable organizations).