FHA Mortgage Loans
FHA Home Loans in Dallas–Fort Worth & Nationwide
What is an FHA Loan?
An FHA loan is a government-insured mortgage offered through approved lenders and backed by the Federal Housing Administration (FHA). FHA loans can be used to purchase or refinance a primary residence and are subject to FHA eligibility, property, and underwriting requirements. Loan approval and terms are based on individual borrower qualifications and applicable FHA guidelines.
Who is a Good Candidate for an FHA Loan?
FHA loans are often well-suited for buyers seeking affordable homeownership, particularly when purchasing homes priced within FHA loan limits. With flexible credit guidelines and low down payment requirements, FHA financing can be an attractive option for borrowers who may not qualify for certain conventional loan programs. Eligibility is based on individual borrower qualifications, property requirements, and applicable FHA guidelines.
FHA Loan Benefits
Down payment as low as 3.5% with a 580+ credit score
Below 580 FICO allowed on case by case basis
More flexible debt-to-income ratio guidelines
Gift funds allowed for the full down payment
Available for single-family homes, 2–4 unit properties, and approved condos
Competitive interest rates due to government backing
FHA Loan Requirements
*Requirements subject to change
Minimum Credit Score: 580 (for 3.5% down); 500 (for 10% down)
Down payments as low as 10% for borrowers with credit scores between 500–579
Mortgage Insurance Premium (MIP): Upfront MIP of 1.75% + annual MIP for the life of the loan, in most cases
Loan Limits: Varies by county. In Dallas County, the FHA limit for a single-family home in 2025 is $524,225
Debt-to-Income Ratio: Typically up to 57%, depending on compensating factors
Property Condition: FHA appraisals include a safety/habitability inspection; the property must meet FHA minimum standards
FHA vs. VA: Which Is Right for You?
If you have VA eligibility, a VA loan is almost always the better financial choice. Zero down, no PMI, and competitive rates make it difficult to beat. However, if you don’t have VA eligibility and are working with limited savings or rebuilding credit, an FHA loan offers a strong alternative path to DFW homeownership.
Our loan officers will walk you through both options side by side so you can make an informed decision based on your full financial picture.
FREQUENTLY ASKED QUESTIONS
Is there an income limit for FHA loans?
No. FHA loans do not have income limits. However, the loan amount is subject to county-level limits. In most Dallas–Fort Worth counties, the 2025 FHA limit for a single-family home is $563,500.
Can I use an FHA loan to buy a duplex or rental property?
Yes, with a condition. FHA loans allow purchases of 2–4 unit properties, but you must live in one of the units as your primary residence. This is a popular strategy for first-time buyers in the DFW market.
Novus Texas is a regional team of Novus Home Mortgage, a division of Ixonia Bank, serving the Dallas–Fort Worth area and clients nationwide. Based in Dallas, the team provides residential mortgage solutions, including conventional, FHA, VA, renovation, and investment property financing. The team is led by experienced mortgage professionals Shawn Fehily and Marcus Lepp, bringing over 25 years of combined industry experience.
Established in 2019, Novus Home Mortgage originates loans in all 50 states and is committed to a simpler, more transparent mortgage process. Novus Home Mortgage is a division of Ixonia Bank. NMLS #423065. Member FDIC. Equal Housing Lender.