About FHA Loans

An FHA loan is a first-time homebuyer program. This program is commonly used by first time home buyers due to the low 3.5% down payment requirement as well as having a minimum credit score requirement of 580.

Federal Housing Administration (FHA) loans are federally-backed mortgages designed for low-to-moderate-income borrowers who may have lower than average credit scores.

These loans are administered by the Federal Housing Administration (FHA). The FHA makes it easier for borrowers and first-time buyers to qualify and helps lenders offer you lower interest rates.

Types of FHA Loan

When most people think about home loans, three options come to mind: fixed-rate mortgages, ARM loans and refinance loans. However, FHA loan options go beyond this.

Fixed-rate FHA loans

Fixed-rate FHA loans are a great option if you are looking to buy a home but lack the funds for a 20% down payment. The APR remains fixed for the loan, leading to predictable monthly mortgage payments.

Adjustable Rate Mortgage Loans

ARM loans are an option for individuals who anticipate income growth. They generally have a fixed APR for a specific period and then the rate fluctuates to go higher or lower depending on the market.

Reverse mortgages

Reverse mortgages are designed for homeowners aged 62 and older who could use a bump in income. They convert your home’s equity into income or a line of credit, but consumer counseling is a requirement. The mortgage is not repaid until the house is sold and if the sale doesn’t yield enough to repay the full loan, the FHA insurance covers what’s left.

Energy efficient mortgage

An energy efficient mortgage allows you to take out a second mortgage or refinance up to 96.5% of your initial mortgage. It helps you to make up to $8,000 in energy efficient improvements on your home and lower your monthly utility bills.

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Great for First Time Buyers

First-time buyers who are looking to purchase a property for the first time with a great rate will benefit tremendously from an FHA loan’s low credit requirements and low down payment.

Low Down Payments

This program only requires a down payment of 3.5%. For families who are cautious about using all of their savings account towards a home, this program can help alleviate some of that financial pressure. Come in with a down payment of just 3.5%

Qualifying Documents

Purchase a property with your taxes and financial history. The documentation you will need to be eligible for an FHA loan is two years’ worth of taxes, two years of work history, and a FICO score above 580.

Consolidate debt and simplify

Consolidate credit card balances, auto loans, student loans and other debt into a single monthly payment.

Qualify with Various Financial Backgrounds

While some loan types will omit you from receiving a loan if you have financial issues in the past, in some instances you can still be eligible for an FHA loan even with a bankruptcy or other financial issue in the past.

FHA Loan - Eligibility

Similar to when you applied for your original mortgage, you will be required to provide all of the necessary documents to prove your borrowing worthiness and you will be responsible for closing costs, though you may have the option to roll some costs into your loan amount.

Minimum Down Payment

3.5% of Loan Amount


Income limits may vary

Credit Score

Applicant should have the bank specified credit score of 580+

Frequently Ask Questions

No, specifically for an FHA loan you can come in with only 3.5% as a down payment.

If you are self-employed we can help you qualify using two years worth of taxes. We would need to be able to prove your income through your taxes if we want to use an FHA loan.

If you have the required documentation, credit score, and are financially prepared for the commitment of buying a home you should apply today to learn how close you are to owning a home!

Apply for a free prequalification and your loan officer can let you know the limits in your area.

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Now apply for a FHA Loan online, All you need to do is provide your details below application form.

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