When is an FHA loan the most practical?.

An FHA loan is a mortgage issued by an FHA-approved lender and insured by the Federal Housing Administration (FHA). Designed for low-to-moderate income borrowers, FHA loans require lower minimum down payments and credit scores than many conventional loans.  lenders are more willing to approve applications.

Some key features of FHA loans include:

• Make a down payment as low as 3.5% 
• Get approved to borrow, even with problematic credit

• Buy single-family homes, condos, multi-unit properties, and manufactured homes
• Get extra funding for renovations and repairs with FHA 203k program

• Fund your down payment with gift money or help from the seller

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  • 500 FICO up to 90% LTV

  • 580 FICO up to 96.5% LTV

  • Gifted funds are allowed for entire down payment and prepaid items

  • Manual underwriting

  • Non-traditional credit

  • W-2 programs available**

  • Manufactured homes may be eligible


  • No min FICO if no lates in past 6 months

  • Non-owner occupied OK

  • Odd year terms available


  • 500 FICO up to 90% LTV

  • 580 FICO up to 96.5% LTV

  • Minimum total repair cost $5k

  • Improvements/upgrades up to $35K

  • Max DTI 45%/49.99% with 620 FICO***

  • Manufactured homes capped at $10K

   FHA 203K FULL

  • 500 FICO up to 90% LTV

  • 580 FICO up to 96.5% LTV

  • Minimum total repair cost $5k

  • Maximum total repair cost is 50%
    of "subject to" appraised value

  • Max DTI 45%/49.99% with 620 FICO'

©2020 iCore Lending, Inc. - Corporate NMLS ID # 1547623 located at 18952 MacArthur Blvd., Ste. 450 Irvine, CA 92612,  -  All rights reserved. Doing business in the State of California as iCore Lending, Inc. Licensed by the California Department of Business Oversight, Residential Mortgage Company Registration License # 60DBO110662. For all licenses, visit http://www.nmlsconsumeraccess.org/. icore Lending, Inc. strives for compliance with all applicable state laws and federal regulations pertaining to mortgage lending, advertising, and marketing laws. THIS PRODUCT OR SERVICE HAS NOT BEEN APPROVED OR ENDORSED BY ANY GOVERNMENTAL AGENCY, AND THIS OFFER IS NOT BEING MADE BY AN AGENCY OF THE GOVERNMENT. All applications are subject to underwriting guidelines and approval. This does not constitute an offer to lend. Not all applicants will qualify for all loan products offered. All loan programs, terms and interest rates are subject to change and/or discontinuance without advance notice. Equal Housing Opportunity. All rights reserved