FHA Loan (Federal Housing Administration)

Accessible Home Loans for Low Down Payments

Quick Summary

FHA loans are government-backed mortgages that allow first-time homebuyers and those with limited down payment capabilities to secure financing with relaxed credit requirements.

What is a FHA Loan?

An FHA loan is a government-backed mortgage program administered by the Federal Housing Administration (FHA), which operates under the United States Department of Housing and Urban Development (HUD). These loans are designed to make homeownership more accessible to first-time buyers and those with lower credit scores or limited down payment capabilities. FHA loans are insured by the government, which allows lenders to offer more lenient qualifying criteria and attractive interest rates.

Is a FHA Loan Right for me?

Determining if an FHA loan is the right choice for your home financing needs depends on the following considerations:

  1. Credit Score: FHA loans generally have more lenient credit score requirements compared to conventional loans. If your credit score is on the lower side, an FHA loan might be a suitable option.
  2. Down Payment: FHA loans offer a lower minimum down payment requirement, typically starting at 3.5% of the home’s purchase price. This makes it easier for buyers with limited funds for a down payment.
  3. Mortgage Insurance Premium (MIP): FHA loans require both an upfront MIP and an annual MIP, which is a form of insurance that protects the lender in case the borrower defaults. It’s important to factor these costs into your budget when considering an FHA loan.
  4. Property Requirements: FHA loans have specific property requirements to ensure the home is safe and habitable. These requirements may include inspections and appraisals.

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