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FHA Home Loan Numbers You Need To Know

May 16, 2023

FHA mortgage credit score

What numbers do you need to know when researching your options for an FHA mortgage?

The amount of your down payment, mortgage insurance, and how much your seller may contribute toward your closing costs are all important to know in your new mortgage’s planning and saving stages.

FHA Loan Numbers: Down Payments

FHA loan rules say if you come to the application process with FICO scores at 580 or above you can make the lowest down payment; 3.5% of the price of the home.

FHA loan rules say those with FICO scores between 500 and 579 must put down 10%. As you can see, it pays to work on your credit well before your loan application.

FHA Loan Numbers: Appraisal Fees

There is no set national price for appraisal fees, so you must research your local housing market for prices. That said, many typically save around $400 for this mandatory service.

FHA Loan Numbers: Mortgage Insurance

Mortgage insurance premiums also vary depending on the transaction, the size of your loan, and other variables. Expect to pay FHA mortgage insurance for either 11 years or the full term of the FHA mortgage.

FHA Loan Numbers: Loan Terms

FHA loan options include a 15-year FHA mortgage (these have higher monthly payments but a much faster payoff), or a 30-year FHA loan (lower monthly payments than the 15-year version of the same loan but a longer commitment.)

FHA Loan Numbers: Seller Concessions

Your seller is allowed to contribute up to six percent of the sale price of the home toward your closing costs, but this is not automatic. You and the seller must negotiate this.

FHA Loan Numbers: How Many FHA Loans Can I Have?

Typically you are limited to one FHA loan, which is used to purchase a home you will occupy as our primary residence. Some borrowers may be allowed an exception to this due to changes in employment or family size, but these exceptions are not automatic and must be applied for.

Joe Wallace - Staff Writer

By Joe Wallace

Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.

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About FHANewsBlog.com
FHANewsBlog.com was launched in 2010 by seasoned mortgage professionals wanting to educate homebuyers about the guidelines for FHA insured mortgage loans. Popular FHA topics include credit requirements, FHA loan limits, mortgage insurance premiums, closing costs and many more. The authors have written thousands of blogs specific to FHA mortgages and the site has substantially increased readership over the years and has become known for its “FHA News and Views”.

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