Pacific NW Federal Credit Union

If you have low to moderate income, you may qualify for an FHA loan with a credit score as low as 620.

Your down payment may be as low as 3.5% and can come from gift funds.

When it comes to the “minimum” amount the applicant must earn, FHA loan regulations focus more on the borrower’s ability to afford the mortgage loan: your debt-to-income ratio, repayment history on financial obligations, job and income verification and other factors are paid close attention to. The dollar amount of the gross income earned is not as important as the amount of money left over from that income once your monthly bills have been paid.

Furthermore, FHA loan rules do not say that it’s possible to earn “too much” to qualify for an FHA loan — these loans are for any qualified borrower, not just people who cannot afford a conventional home loan.

With conventional home loans, closing costs can be 3% to 6% of the purchase price of your home. 

To make FHA loans more affordable, the seller may contribute up to 6% of the sales price toward your closing costs, prepaid expenses, discount points or other fees. 

You can also consider rolling closing costs into your loan.

The rate you get is based on many factors, including your credit score, debt-to-income ratio and down payment.

Both our online and mobile banking app products allow our members to view your FICO^® score for free.* The score updates quarterly, and viewing your FICO^® Score will not impact it.

*FICO^® is a registered trademark of Fair Isaac Corporation in the United States and other countries.

PNWFCU is a member-owned not-for-profit. What that means for our members is that by banking with us, they belong to a financial institution that takes a personal interest in them.

PNWFCU members can improve their financial knowledge through access to a variety of tools and resources, from our online financial education modules to our wealth management services.

Members can also apply for debt consolidation loans, allowing them to simplify their existing loan payments.

You’ll need to supply a comprehensive picture of your overall financial situation. As a result, you may need to provide prior-year tax returns, 1099s, W-2s, bank statements and more. 

If applicable, you will need to supply evidence of any gifts, grants or other sources of funds for your down payment and closing costs.