Your debt-to-income ratio (DTI) is the percentage of your gross monthly income that goes toward qualifying monthly debt payments. In simple terms: DTI = Monthly Debt Payments ÷ Gross Monthly

An FHA loan is a mortgage insured by the Federal Housing Administration. FHA loans are offered by private lenders that participate in the FHA program. The FHA insurance helps protect

A down payment is the portion of the home’s purchase price that you pay upfront rather than borrowing from the lender. For example, suppose you purchase a home for $300,000

Mortgage lenders may consider you self-employed if you own a business or work independently rather than receiving a traditional employee paycheck. Examples can include: The exact treatment of your income

A credit score is a numerical representation of information in your credit history. Lenders use credit scores to help assess how likely a borrower is to repay debt as agreed.

FHA Mortgage Insurance Premium (MIP) is a required mortgage insurance cost for most FHA-insured mortgages. FHA MIP is different from homeowners insurance. Homeowners insurance generally protects against covered property losses