FHA Loans

Get a quick quote on an FHA Home Loan & learn if you qualify.

FHA Loan Program Description

In 2024, FHA loans remain a top choice for borrowers with limited savings or lower credit scores. A 3.5% down payment is required for credit scores 580+, while scores between 500 and 579 need a 10% down payment. FHA loans come with upfront mortgage insurance of 1.75% and annual premiums between 0.45% to 1.05%. The debt-to-income ratio can go up to 43%, and loan limits range from $472,030 in low-cost areas to $1,089,300 in high-cost areas, making it an accessible option for many buyers.

Misconceptions

High Interest Rates– FHA loans typically have competitive interest rates compared to other loan programs, and they may even be lower than conventional loans in some cases.

Must Be A First Time Home Buyer–FHA loans are intended for first-time home buyers, but you do not need to be a first-time home buyer to utilize an FHA loan. The “first time use” requirement to obtain an FHA loan is that you do not currently have an FHA loan.

Take Longer to Close– While FHA loans do require certain inspections and appraisals, they do not necessarily take longer to close than other loan programs. In fact, FHA loans can sometimes close faster than other loan programs because of the FHA’s appraisal process.

The FHA Loan Process

Here’s how our home loan process works:

Check Eligibility: Ensure your credit score and debt-to-income ratio meet FHA requirements.

Find an FHA Lender: Choose a lender and compare offers.

Get Pre-Approved: Submit financial details for pre-approval.

Find a Home: Look for a property within FHA loan limits.

Submit Application: Complete the loan application with required documents.

Home Appraisal: The lender appraises the property to ensure it meets FHA standards.

Loan Processing:Lender reviews and finalizes your loan.

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©567 Willow Lane, Lakeview, USA. All information provided on this website is for general informational purposes only and does not constitute financial advice or an offer to extend credit. We strive to maintain accuracy; however, no warranty is given regarding the completeness or reliability of the content. Mortgage programs, rates, terms, and underwriting guidelines are subject to change without notice. Loan offers are contingent upon underwriting approval and credit review. Certain products may not be available in all states and may be subject to additional restrictions. Equal Housing Lender | Powered by SOHOON TECHNOLOGIES