FHA Loans: Is an FHA Loan Right for You?

At Quest Mortgage Services, we understand that navigating the mortgage process can be challenging, especially if you have a low credit score or are concerned about a large down payment.

Benefits of an FHA Loan

An FHA loan might be the perfect solution for you with its more relaxed requirements.

FICO Flexibility

FHA home loans come with less strict FICO score requirements, making it easier for more people to qualify for a home loan.

Gift Funds Allowed

With FHA loans, you can use gift funds for your down payment. This means your family can help you achieve your dream of homeownership!

Flexible Qualification

The eligibility requirements for FHA loans are generally more relaxed compared to other loan types, making them accessible to a wider range of borrowers.

FHA Loan Eligibility Requirements

To qualify for an FHA loan through Quest Mortgage Services, you typically need:

  • A credit score higher than 500 with a 10% down payment.

  • A credit score higher than 580 with a 3.5% down payment.

  • The ability to cover the 3.5% down payment.

  • A reasonable debt-to-income ratio.

  • The home must be the borrower’s primary residence.

If you’re considering an FHA loan, the team at Quest Mortgage Services is here to help you every step of the way. Contact us today to find out how we can assist you in securing the right loan for your needs!