FHA Mortgage: Your Best Home Loan Option?

Need a little help getting into a home? Concerned about strict credit requirements? The Federal Housing Administration (FHA) is here to help first time home buyers and those looking to re-enter the housing market.

We've uncovered all the benefits and details that make a FHA loan an exceptional program. Scroll down to learn more or talk to an expert, utilize our easy loan wizard to explore rates and payments or get approved now.

The Good Stuff

Here are the top perks you may expect if you select a FHA mortgage as your home loan choice.

Low Down Payment Requirements

Don't let concerns about a hefty down payment deter you from going after the home you want. With a FHA home loan, you can secure a home with as little as 3.5% down. This can give you a jump start to your dreams of owning a home.

Multiple Down Payment Sources Allowed

Down payments got you down? If you need a little help getting the funds together, the FHA loan offers options. Down payments may come from your own savings, a gift from a family member(s) or a grant from a state or local government down-payment assistance program. Our experts will help uncover all your eligible down payment options to get you into your next home.

A Family Plan

Straight out of college? Just got married but need a little more help with your new digs? Mom and Pops or other family member(s) can help as non-occupant co-borrowers.

Flexible Credit-Qualification Criteria

Credit mistakes happen. That shouldn't stop you from purchasing a home now that you're back on track. With a FHA loan, those with credit scores as low as 580 may qualify. Get pre-approved online now before you start shopping for your new home.

A Cure For Closing Cost Concerns

Closing costs such as appraisal fees, credit reports, title expenses and more aren't generally included on the seller's property flyer, but they sure can add up. The good news is – with most FHA loans – motivated home sellers, builders and others are allowed to help you cover these costs. This means, with a little negotiating on your end, other stakeholders in the process can pitch in and help make that home yours.

The Nuts And Bolts

You can purchase a new home with as little as 3.5% down.
100% of the down payment on your new home can be gifted.
You can refinance up to 97.75% of your primary home's value.
For those with an existing FHA mortgage, a streamlined refinance option is available with reduced mortgage insurance, no appraisal and no income qualification.
Cash out refinance is permitted.
Credit a consideration? No problem – credit scores as low as 580 may qualify.
Want to limit closing costs? You can finance the up-front mortgage insurance payment in the loan.
Sellers can help too! Up to 6% of seller contributions are allowed toward closing costs.

More Details And Specifics

Available with fixed and adjustable rate options.
A FHA mortgage can be used to purchase or refinance a primary residence.
Eligible properties include Single Family Residences and approved Planned Unit Developments (PUDs) and Condos.
FHA loans are available to both first-time and repeat homebuyers.
If you're looking for a home in a high-cost area, the FHA offers generous loan limits in designated locations.

A Few Extras

Breathe easy: the FHA home loan offers low mortgage insurance options depending on loan terms and loan-to-value ratio.
Want to tie things up quickly? Pay off your mortgage at any time without prepayment penalties.

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FHA Mortgage: Turning Dreamers Into Homeowners