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FHA Mortgage Qualification Calculator
FREEandCLEAR Calculator

Calculate the FHA Mortgage You Qualify For and Connect with Top Lenders

Use the FREEandCLEAR FHA Mortgage Qualification Calculator to determine what size FHA mortgage you qualify for based on your gross income and debt payments as well as the upfront and ongoing mortgage insurance premium (MIP) fees for an FHA mortgage.  This calculator also determines your monthly payment and the FHA loan limit in your county.  Use our FHA Mortgage Calculator to understand what price home you can afford as well as your total monthly housing expense including property tax, insurance and FHA MIP.  When you submit your information we connect you with up to four leading lenders so that you can confirm your mortgage terms and compare multiple proposals to find the mortgage that 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
 
 
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. 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

Down Payment on an FHA Loan

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.  Borrowers can also 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 as compared 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 interest rate 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 or restrict where the property being financed is located.  Although the program uses FHA loan limits that cap your mortgage amount, not using income limits or property location restrictions makes the FHA mortgage program accessible to more potential home buyers. 

More FREEandCLEAR Mortgage Resources

Mortgage Guides

FHA Mortgage Program Overview

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

Mortgage Calculators

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

FREEandCLEAR is not affiliated with or endorsed by any government agency
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