FHA
FHA loans are a great way to get into a home without having to come up with a 20% down payment starting at as low as 3.5%. Since FHA loans are backed by the Federal Housing Administration it’s easier to qualify and allows for lower interest rates.
Program Features
Lower Credit Requirements 580+
Must have maximum 50% debt to income ratio
Lower down payment requirements 3.5%+
Must cover mortgage insurance premium
Available in 15 or 30 year terms
Must abide by loan limits in your area
Bankruptcy in the past okay!
Must move in within 60 days of closing
No Income minimum or maximum
Must be your primary residence
Frequently Asked Questions
An FHA loan is a loan backed by the Federal housing administration available to those with a 580-credit score and above. An FHA loan only requires a minimum of a 3.5% down payment as opposed to the traditional 20%.
An FHA loan, since it is backed by the Federal Housing Administration, protects lenders against defaults on payments allowing for lower down payment options as well as lower interest rates. This also allows lower credit score borrowers to qualify.
FHA loans have stricter criteria and requirements for the type of property you can invest in. There are also limitations on loan amounts allowed as well as the type of loan. FHA also only offers 2 duration's for repayment, 15 or 30 years. You also need to pay up front mortgage insurance for the first year and going forward depending on your down payment.
Yes! Click below to apply for your FHA pre-approval.
Pre-Approval Wizard