Fha Approved Areas Search All FHA Approved Condos in San Diego. The FHA loan is the most popular loan program for first time home buyers. Borrowers can take advantage of down payments at little at 3.5% on a 30 year fixed rate program.including the curtailment of a popular reverse mortgage program and increased down-payment requirements for so-called jumbo mortgages. The moves are intended to put more money into the FHA’s Mutual.
Your Credit Score. When it comes to taking out loans, whether it’s for a car or a home, your credit score will always come into play. Fortunately, it’s getting easier for homebuyers to get approved for an FHA-backed home loan. If you currently have at least a 620 FICO score and 3.5% down, you may be eligible for an FHA 203(k) loan.