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INFORMED CONSUMER CHOICE DISCLOSURE NOTICE In addition to an FHA-insured mortgage you may also qualify for other mortgage products offered by your lender. To assure that you are aware of possible choices in financing your lender has prepared a comparison of the typical costs of alternative conventional mortgage product s below using representative loan amounts and costs the actual loan amounts and associated costs shown below will vary from your own mortgage loan transaction. You should study the comparison carefully ask questions and determine which product is best for you. The information provided below was prepared as of. Neither your lender nor FHA warrants that you actually qualify for any mortgage loan offered by your lender. This notice is provided to identify the key differences between these constitute loan approval* Actual mortgage approval can only be made following a full underwriting an analysis by your mortgage lender. FHA Financing 203 b Fixed Rate Sales Price Mortgage A....

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An FHA loan requires a minimum 3.5% down payment for credit scores of 580 and higher. If you can make a 10% down payment, your credit score can be in the 500 – 579 range. Rocket Mortgage® requires a minimum credit score of 580 for FHA loans.

To qualify for an FHA loan, you need a minimum credit score of 500, which is much lower than for conventional home loans, but it comes with a higher down payment requirement....FHA Credit Score Requirement Exceptional: 800-850. Very good: 740-799. Good: 670-739. Fair: 580-699. Poor: 300-579.

An FHA home loan can be used to buy or refinance numerous types of homes, including: Single-family houses. Two- to four-unit multifamily homes. Condominium units. Certain manufactured homes (attached to a permanent foundation).

FHA loans come in 15-year and 30-year terms with fixed interest rates. The agency's flexible underwriting standards are designed to help give borrowers who might not qualify for private mortgages a chance to become homeowners.

What Are FHA Flipping Rules? If you plan to purchase a flipped home with an FHA loan, you must abide by the FHA 90-day flipping rule. This rule states that a person selling a flipped home must own the home for more than 90 days before home buyers can purchase the property.

FHA loans are mortgages backed by the U.S. Federal Housing Administration. FHA loans have more lenient qualification requirements than other loans. Borrowers must have a minimum credit score of 580 to qualify for the loan. The maximum DTI for FHA loans is 57%.

For manually underwritten loans, Fannie Mae's maximum total DTI ratio is 36% of the borrower's stable monthly income. The maximum can be exceeded up to 45% if the borrower meets the credit score and reserve requirements reflected in the Eligibility Matrix.

The “Informed Consumer Choice Disclosure” is a model form available online at FHA Model Documents SF. Regulations for this document require that the loan information table, which appears in the middle of the model form, be updated periodically to “reflect prevailing market conditions” (see 24 CFR § 203.10[d]).

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232