Here is a list of FHA loan requirements .

• Income Requirements: a debt-to-income ratio of 56% is generally required although a higher one could be approved in unique circumstances.
• Down Payment: A down payment of 3.5 percent is generally required.
• Credit Score: Typically the minimum credit score required is 660; however, buyers with lower scores could potentially qualify.
• Property Requirements: All properties purchased through the FHA loan program must meet certain security, safety, and structural integrity requirements.

The answer to this question is no. Many companies will require a debt to income ratio of 43% or 45%, but we have the option to go as high as 55%. This drastically improves the chances for approval for many buyers with an FHA Loan. We look at the complete credit profile of the person looking for an FHA Loan and can look at compensating factors, such as job consistency, assets, debt to income ratio and many others to help overcome a weakness in one area. So, make sure you talk with someone that doesn’t have rigid guidelines for FHA loans when shopping for an FHA loan.

We are committed to helping our clients with all of their FHA loan needs. Whether you are purchasing your first home, or looking to refinance your current FHA loan for a more favorable rate, the Cain Mortgage Team can help. Although there are many companies that offer FHA Loans, it is always a great idea to shop for your FHA Loan since there is typically a wide disparity between what companies offer.