FHA Mortgage Lenders in Oregon & Washington | Fairway First Team fairwaysfirstteam.com

Currently, you can borrow up to 96.5% of the value of a home with an FHA loan, with only a 3.5% down payment. In order to qualify, you’ll need a credit score of 580.

You can qualify for an FHA loan if your credit score falls between 500 and 579 with a 10% down payment. FHA loans allow people to make down payments from savings, a financial gift from a relative, or a down payment assistance grant.

FHA loans are popular with first time homebuyers.

It is noteworthy that while FHA loans require a lower credit score and down payment for approval, they do involve other rigorous parameters.