The Federal Housing administration offers expanded guidelines for FHA mortgages vs their conventional counterparts. These include lower down payment requirements, higher allowances for debt-to-income ratios and more liberal credit guidelines. Visit our FHA Home Loans page for more detailed information on FHA qualifying.
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Related FAQs
How do I apply for an FHA loan?
Applying for an FHA mortgage is similar to applying for a conventional loan. With a home purchase their is an FHA addendum required with the contract of sale and there are slightly more stringent requirements with the appraisal such as replacement of lead based paint applied prior to 1973. For more information check out our New Jersey Mortgage Application Checklist.
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