FHA Home Purchase Loans
An FHA loan is a mortgage that is insured by the Federal Housing Administration. FHA loans usually have less rigorous lending standards and lower down-payment requirements, this makes FHA loans popular with first time home-buyers. FHA is an agency within the U.S. Department of Housing and Urban Development.
Why a FHA loan
- Do you need less stringent qualification and credit requirements?
- Is your down payment less than 20%?
- Do you have less than perfect credit?
FHA loan qualification requirements
- Credit scores as low as 580 may qualify
- Buy a home with as little as 3.5% down [ primary residence ]
- Debt to income ratio less than 55%
- 3 months of payment reserves required
- Loan amount must be under FHA Mortgage Limits [ check here ]
How an FHA loan works
- Pay your mortgage at any time without pre-payment penalties
- 30-, 25-, 20- and 15-year terms are all available with fixed rates
- 5-year adjustable-rate mortgages are available
When your ready to start your FHA loan, we are experts to guide you through the entire process, the first step is getting you pre-approved. You can complete the form below and or if you prefer to speak with one of our mortgage advisors, we would be happy to speak with you at 626-840-8343.