fha loans

FHA (Federal Housing Administration) loans allow past credit issues , lower minimum credit scores (580) with a minimum of 3.5% down payment…all at competitive rates. FHA loans require mortgage insurance that provides the lender protection if a borrower defaults on their mortgage. We also offer FHA loans combined with down payment assistance programs to help those borrowers that have income stability but may not have the 3.5% down payment saved.

Who can get an FHA Loan?

Almost anybody can get an FHA loan. There are no income limits. However, there are limits on how much you can borrow. In general, you're limited to median home prices in your area. To find the limits in your region, visit HUD's Website. To qualify for an FHA loan, you'll need to have reasonable debt to income ratios. You don't need perfect credit but you will need to have a credit score of at least 550.

Benefits of FHA loans:

  • 3.5% down payment required on purchase

  • Easier to use gifts for down payment and closing costs

  • No prepayment penalty

  • Financing for home improvement using FHA 203k programs