FHA.
Primary-home financing with flexible down-payment options
Short on the down payment? Pair FHA with a JMAC second for up to 101.5% CLTV.
Program highlights.
- No-score purchases: one unit, standard loan amounts, manual underwriting
- Manufactured homes
- Single-unit spot approvals for condos
- Purchase buydowns: 3-2-1, 2-1, 1-1 and 1-0, fixed rate at 620+
Key figures.
- Score from
- 500
- allows 90%
- LTV up to
- 97.75%
- rate/term, at 580+
- Loans to
- County limit
Limits by transaction.
Score · LTV · Loan in each cell, with the tier each needs beneath.
| Transaction | Primary residence |
|---|---|
| Purchase | 500+ score96.5% LTVloans to County limit96.5% at 580+; 500 allows 90% |
| Rate/term | 500+ score97.75% LTVloans to County limit97.75% at 580+; 500 allows 90% |
| Cash-out | 540+ score80% LTVloans to County limit |
What to know.
- Purchase LTV
- Up to 96.5%580+ FICO with eligible AUS or manual underwriting; separate no-score requirements apply.
- Lower-score path
- 500-score optionsPurchase and rate-and-term up to 90% LTV; ratio and underwriting requirements apply.
- Rate-and-term
- Up to 97.75% LTV580+ FICO, subject to transaction and underwriting requirements.
- Cash-out
- Up to 80% LTV580+ FICO; 540–579 requires AUS approval. 0x30 for the past 12 months; not available in Texas.
- Loan limits
- FHA county limitsThe FHA county limit for the property’s location applies.
- Property use
- Primary residenceBorrower, property and occupancy requirements must meet the program guide.
- Ways to qualify
- Full docNot offered: bank statements, P&L only, WVOE only, asset utilization, DSCR, ITIN and foreign national.
Documents.
Other programs.
Compare with
- GovernmentFHA Down Payment AssistanceCover the FHA down payment with a JMAC second, up to 101.5% CLTV
- Score
- 600+
- CLTV
- 101.5%
- Loan
- FHA county limit
- GovernmentFHA StreamlineRefinance options for existing FHA borrowers
- Score
- 580+
- LTV
- Per FHA calculation
- Loan
- Per FHA calculation
- ConventionalHomeReadyFannie Mae’s affordable-lending option
- Score
- Per AUS
- LTV
- 97%
- Loan
- $2,438,025
Questions brokers ask.
Can an FHA loan be manually underwritten?
The guide includes manual underwriting, with its own ratio, credit and compensating-factor requirements. Manual underwriting is limited to fixed-rate products.
Where do assistance and streamline loans fit?
FHA Standard permits down-payment assistance (a gift from a non-profit agency or acceptable secondary financing) and refinances existing FHA loans with a refinance authorization from FHA Connection. JMAC’s FHA Down Payment Assistance and FHA Streamline have their own matrices.
Your next borrower. Our next conversation.
Bring us your next FHA loan.
Send the scenario, ask JMAC a question, or get set up with your lending team.