 TITLE: How Many Times Can I Get an FHA Loan? CONTENT: FHA Loan Requirements\n---------------------\nAre you ready to apply for an FHA loan? Even if you already have an FHA loan, it's a good idea to run through the loan requirements before applying for a new one.\n*   **Down payment and credit score**: Your required down payment will depend on where your score falls. You can put as little as 3.5% down on an FHA loan if your credit score is 580 or higher. You'll need a downpayment of 10% if your credit score is between 500 and 570.\n*   **Debt-to-income ratio (DTI)**: Your DTI is the total of your monthly debt payments as a percentage of your monthly gross income. To qualify for an FHA loan, your DTI should be under 43%. To illustrate, let's say the monthly mortgage payment on the home you're considering would be $1,500 and your gross monthly income is $5,000. The amount of your other monthly debt obligations cannot be higher than $650. That said, you may be able to get approved with a DTI of up to 50% if the loan does not pose an elevated risk to the lender.\n*   **Mortgage insurance**: FHA loans require you to pay mortgage insurance, which is divided into two types of payments. You will be charged a flat fee of 1.75% of the loan amount at the time of closing, which can be rolled into your loan if you don't have the cash on hand. A monthly charge will also be tacked on to the mortgage payments to cover mortgage insurance for the life of the loan. This payment is also a percentage of the loan amount and is determined by the loan size, term and loan-to-value ratio (LTV).\n*   **Other criteria**: The lender will request your Social Security number and proof of income and assets to determine how much home you can comfortably afford. You should also be clear of any foreclosures for at least three years to qualify for an FHA loan.\nKeep in mind that these are just general qualifying criteria. Some FHA-approved lenders have stricter requirements for potential borrowers. It's best to speak with a loan officer to get a better idea of their FHA loan requirements. END