Skip to content
Important update: Cherry Creek Mortgage is now partnering with Guild Mortgage.
Already working with a Cherry Creek Mortgage loan officer? Find them on the Guild Mortgage website.

FHA Loan Requirements

Home loans insured by the Federal Housing Administration are expected to meet standards set by the government. Find out which requirements you meet.

FHA home loans, which are insured by the Federal Housing Administration, are an affordable home loan solution for cash-strapped buyers. These loans have helped many people refinance and become homeowners. But there are a few misconceptions about how FHA mortgage loans work.

FHA Loan Requirements

Approval for an FHA home loan requires consistent income and at least 24 consecutive months of steady employment. Preferably with the same employer. FHA home loans are available for primary residences only. This includes single-family homes, townhomes, condos and manufactured homes. The FHA lender will send an appraiser to the property to ensure it meets appraisal standards before loan approval.

What is an FHA loan?


An FHA home loan is a government-backed mortgage. It is available to first-time home buyers and repeat buyers. These home loans are an attractive product because they have a lower minimum credit score requirement compared to other mortgage loans. FHA mortgages also have low minimum down payments. There are no income limits for an FHA home loan, making them accessible to all. You can choose between a fixed-rate or an adjustable-rate loan.

Benefits of an FHA Home Loan

  • FHA home loans are easier to get than conventional home loans. This is because they allow for lower FICO scores. You can get an FHA home loan with a credit score as low as 540*. Always check your credit report before applying for a loan.
  • FHA down payments are lower than the down payment on a standard conventional home loan. Borrowers with a minumum credit score of 540* can get an FHA home loan with as little as 3.5% down.
  • FHA home loans are sometimes a better choice after a bankruptcy or foreclosure. You can get an FHA loan two years after bankruptcy, and three years after a foreclosure.

How do FHA Loans Work?

FHA Loan Income Requirements

FHA Debt-to-Income Requirements

FHA Documentation

Applying for an FHA Home Loan

To start an application for an FHA home loan, the first step is to find an FHA-approved lender. Our team is highly experienced with FHA loans. We’re ready to answer your questions about down payment requirements, credit requirements, mortgage rates and property requirements.

Our company is not endorsed by, nor acting on behalf of or at the direction of the U.S. Department of Housing and Urban Development, Federal Housing Administration, U.S. Department of Agriculture, Veterans Administration or the Federal Government.

* Credit scores under 580 require a minimum of 10% down payment.