And, on a small scale, the fate of FHA’s higher loan limits is equally up in the air. For one thing, the two ranking Republicans on the House Financial Services Committee-Alabama’s Spencer Bachus and.
Read: After mortgage-rate spike, FHA to cut insurance premium Congressional Republicans had largely opposed the cut. House Financial Services Chair Jeb Hensarling of Texas issued a statement saying,
FHA Base Loan Amount-This is the amount of your loan after subtracting your down payment from the total, but prior to adding in the FHA upfront mortgage insurance premium (UPMIP). FHA Upfront MIP – All FHA loans require a 1.75% upfront mortgage insurance premium to be paid. This is calculated from the base loan amount.
Fha Loan And Foreclosure Rules Best Place To Get An Fha Loan How to Qualify for an FHA Loan. The minimum down payment to qualify will depend on your credit score. If your FICO score is 580 or higher, you’ll need a minimum down payment of 3.5% of the purchase price. If your score is lower than 580, you’ll need at least a 10% down payment.