Who Qualifies for an FHA Loan?
A borrower may qualify if they meet the following general criteria:
- Minimum credit score:
580+ → eligible for 3.5% down payment 500–579 → eligible with 10% down payment - Stable income and employment history (typically 2 years)
- Debt-to-income ratio (DTI):
Usually up to 43%, but can go higher with strong compensating factors - U.S. citizenship or legal residency
- Property must be the borrower’s primary residence
- Valid Social Security number
Benefits of an FHA Loan
- Low down payment (3.5%)
- Flexible credit requirements—great for buyers rebuilding credit
- Lower interest rates compared to many conventional loans
- Higher approval chances for first-time buyers
- Allows gift funds for down payment and closing costs
- Assumable loan (future buyer can take over the rate)
- More lenient guidelines for past financial issues (BK, foreclosure, etc.)
Ready to see what you qualify for?
Buying a home in Texas doesn’t have to feel out of reach. FHA loans make it possible with low down payments and flexible credit options.
Deisy Salazar, NMLS #2655939 | Iron Key Mortgage Equal Housing Lender | Licensed in Texas
Deisy Salazar, NMLS #2655939 | Iron Key Mortgage Equal Housing Lender | Licensed in Texas
Deisy Salazar, NMLS #2655939 | Iron Key Mortgage Equal Housing Lender | Licensed in Texas
Deisy Salazar, NMLS #2655939 | Iron Key Mortgage Equal Housing Lender | Licensed in Texas
Deisy Salazar, NMLS #2655939 | Iron Key Mortgage Equal Housing Lender | Licensed in Texas
Deisy Salazar, NMLS #2655939 | Iron Key Mortgage Equal Housing Lender | Licensed in Texas
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