Buying A Foreclosed Home With Fha Loan Guide

: You must pay an upfront mortgage insurance premium (MIP) of 1.75% and annual premiums for the life of the loan. Overcoming Property Condition Issues

: You typically need a score of 580 to qualify for the 3.5% down payment option. Scores between 500 and 579 may be eligible but usually require a 10% down payment. buying a foreclosed home with fha loan

: The home must be your primary residence; FHA loans cannot be used for investment properties or vacation homes. : You must pay an upfront mortgage insurance

To use any FHA product for a foreclosure, you must meet the following baseline criteria: buying a foreclosed home with fha loan