You must have a valid SSN and be a legal resident of the US. You should have a verifiable and stable income, a debt-to-income ratio below 50%, and a minimum down payment of 3.5% (which can vary based on your credit score). This down payment can be provided as a gift from a family member. The property must serve as your primary residence and be appraised by an FHA-approved appraiser, meeting specific standards. [...]

You must pay FHA mortgage insurance, which includes both an upfront fee as part of your closing costs and a monthly premium throughout the life of the loan. The property must meet strict requirements, being structurally sound and adhering to specific standards; thus, FHA loans may not be suitable for fixer-uppers. The property must be your primary residence, as FHA loans cannot be used for vacation or investment properties. Additionally, the maximum loan amount [...]