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Credit Score Requirements: A minimum score of 500 is required, with a 10% down payment. A score of 580 or higher allows for the minimum 3.5% down payment.
Steady Employment History: Typically, lenders want to see two years of steady employment in the same field.
Primary Residence: FHA loans are only available for primary residences, not for investment properties or second homes.
DTI Ratios: The preferred maximum DTI ratio is 43%, though exceptions can be made for ratios up to 50% in some cases.
Mortgage Insurance: Borrowers must pay a Mortgage Insurance Premium (MIP), which includes an upfront cost and an ongoing annual cost.
Property Approval: The property must meet certain safety, security, and structural integrity standards.

Introduction For many Americans, owning a home is a significant milestone. However, the path to homeownership can be daunting, particularly for first-time buyers or those with limited financial resources. This is where Federal Housing Administration (FHA) loans come into the...