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FHA Mortgage Qualification Calculator
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FHA Mortgage Qualification Calculator

Calculator developed by

Use our FHA Mortgage Qualification Calculator to determine what size FHA mortgage you qualify for based on your monthly gross income, debt payments and other factors including your down payment, loan term and mortgage rate.  The higher your income and lower your debt, the higher the FHA loan amount you can afford. This is because FHA program guidelines apply a maximum debt-to-income ratio to determine what size loan you qualify for. In short, the debt-to-income ratio means that you can only spend a certain percentage of your income on monthly debt expenses including your mortgage payment and other debts such as credit card, car and student loans. Our FHA Mortgage Qualification Calculator applies this ratio to determine your estimated loan amount.
Your mortgage rate and loan term, or length, are other inputs that affect the size of your loan. The lower your mortgage rate and longer your loan term, the higher the loan amount you can afford. This is why lower FHA mortgage rates enable you to afford more home and also why most people select a 30 year mortgage. Our FHA Mortgage Qualification Calculator enables you to input different values for interest rate and loan term to understand how these factors impact your estimated loan amount.

Our calculator also shows you the upfront and ongoing FHA mortgage insurance premium (MIP) for your loan which are extra costs for borrowers. You can also review your estimated total monthly housing expense including property tax, homeowners insurance and the MIP. This figure enables you to understand the all-in cost of owning a home and make sure the total expense fits within your budget. The calculator also shows you the FHA loan limit for your county. You may be able to afford a higher loan amount based on your income but your FHA mortgage cannot exceed the loan limit.
We recommend that you use our FHA Mortgage Qualification Calculator to understand if you qualify for an FHA loan and if the program is right for you. We also offer a version of this calculator that does not require personal information.

Inputs
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When you provide valid personal info we may connect you with lenders which enables you to compare mortgage proposals and find the mortgage that is right for you. Click here for a version of this calculator that does not require personal info
Outputs
 
The maximum allowable mortgage amount eligible for the FHA progam in your county
 
Estimated property purchase price you can afford based on the mortgage amount for which you qualify and your down payment
 
The size of your mortgage relative to the value of your property. If your mortgage size is $80,000 and the property purchase price is $100,000, the LTV ratio is 80%
 
 
 
Total monthly housing expense including your mortgage payment (principal and interest), property taxes, property insurance and FHA Mortgage Insurance Premium
Lender guidelines typically allow you to spend a maximum of 43% of your GROSS monthly income on your combined monthly housing expense and other monthly debt
 
The FHA Program requires the borrower to pay an up-front Mortgage Insurance Premium (MIP). The up-front MIP is 1.75% of the mortgage amount
 
The FHA Program requires the borrower to pay an ongoing Mortgage Insurance Premium (MIP) in addition to the monthly mortgage payment. The amount of MIP depends on mortgage amount, LTV ratio and mortgage term
 
 
Current FHA Mortgage Rates as of December 13, 2018
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.
While we pride ourselves on the quality and breadth of the FREEandCLEAR mortgage calculators please note that they should be used for informational purposes only. Our calculators rely on assumptions by us and inputs and assumptions provided by you, which may be inaccurate. The outputs from our calculators are estimates only and should not be used as the sole basis for making any financial decisions. Always consult multiple financial professionals when determining the mortgage size and program that is appropriate for you.

Key FHA Mortgage Benefits

1

Low Down Payment

The FHA mortgage program only requires a down payment of 3.5% of the property purchase price.  Saving money to pay for a down payment is one of the biggest obstacles to buying a home so enabling borrowers to qualify for a mortgage with such a low down payment is a huge benefit.  The funds for your down payment can come from a gift or down payment assistance program but the FHA program only lends you a maximum of 96.5% of the property purchase price and you are responsible for the rest in addition to closing costs.  For example, borrowers can combine an FHA mortgage with a home buyer assistance grant to pay for a down payment or closing costs, enabling you to purchase a home with minimal personal financial contribution.  Although borrowers are required to pay an extra upfront and monthly FHA mortgage insurance premium (MIP), the FHA mortgage program makes owning a home possible for more people.  Use our FHA Mortgage Qualification Calculator to understand how your down payment impacts your loan amount and monthly payment. 

2

More Flexible Program Eligibility Requirements

The borrower qualification requirements for an FHA mortgage are more flexible than most other low or no down payment programs.  For example, the FHA mortgage program requires a minimum borrower credit score of 580 if you make a down payment between 3.5% and 10% of the property purchase price and a score of only 500 if you put at least 10% down.  This compares to a minimum credit score of 620 for other programs.  Additionally, the FHA program allows lenders to use a higher debt-to-income ratio to determine what size mortgage borrowers qualify for.  The higher the debt-to-income ratio the higher the loan amount you can afford.  In short, the relatively flexible qualification requirements used by the FHA program enable more borrowers to qualify for FHA mortgages.

3

Lower Mortgage Rate

The interest rate for FHA mortgages is lower than the rates for many other low down payment home loan programs.  FHA mortgages have lower interest rates because borrowers pay FHA mortgage insurance premium (MIP) and because the loans are insured by the U.S. government.  Paying a lower mortgage rate reduces your mortgage payment and total monthly housing expense and saves you a significant amount of money in total interest expense over the course of your mortgage.  Our FHA Mortgage Calculator shows you how your mortgage amount, monthly payment and how much home you can afford change depending on the mortgage rate.  

4

No Borrower Income Limits

The FHA mortgage program is available to all borrowers that qualify.  Unlike some other low or no down payment mortgage programs, the FHA program does not apply borrower income limits.  Although the program uses FHA loan limits that cap your mortgage amount, not using income limits makes the FHA mortgage program accessible to more potential home buyers.  This can be especially helpful for people that live in more expensive areas that need to make more money to qualify for a mortgage. 

5

The Property You Buy Can Be Located Anywhere

You can use the FHA program to buy a home located anywhere in the United States and its territories including Puerto Rico, Guam and the U.S. Virgin Islands.  Some programs limit eligible properties to certain counties or census tracts or offer different mortgage terms depending on where the property is located.  FHA guidelines and eligibility requirements are the same regardless of where the property being financed is located.  As long as you qualify for the mortgage and your loan amount is less than the applicable loan limit, you can use an FHA loan to buy a home or refinance your mortgage. 

More FREEandCLEAR Mortgage Resources

Mortgage Guides

FHA Mortgage Program Guide

Review our in-depth overview of the FHA mortgage program including borrower qualification requirements and other important program information such as property eligibility, FHA loan limits and FHA mortgage insurance premium (MIP)

Programs

Pros and Cons of an FHA Mortgage

Understand the positives and negatives of an FHA mortgage to determine if it the right program for you

Resources

FHA Mortgage Rates

Use our FHA mortgage rate table to review updated FHA mortgage rates and fees for lenders in your area.  Shopping multiple lenders is the best way to find the FHA home loan that is right for you

Resources

Comparison of No and Low Down Payment Mortgage Programs

Review and compare multiple government-backed and conventional low or no down payment mortgage programs to understand borrower benefits, program eligibility requirements and qualification guidelines

Mortgage Expert Insights

How Down Payment Assistance Programs Work

Learn how to use a down payment assistance program to pay for all or part of your down payment including program eligibility and how to apply

Sources

FHA Program Qualification Requirements: https://www.hud.gov/sites/documents/4155-1_4_SECA.PDF

FHA Program Debt-to-Income Ratio: https://www.hud.gov/sites/documents/14-02ML.PDF

FHA Mortgage Program: https://www.hud.gov/buying/loans

About the calculator developer

Harry Jensen, Mortgage Expert

Harry is the co-founder of FREEandCLEAR. He is a mortgage expert with over 45 years of industry experience. Over his career, Harry has closed thousands of loans for satisfied borrowers and now offers his advice and insights on FREEandCLEAR. More about Harry

Harry Jensen LinkedInLinkedIn | Email Harry JensenEmail
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