FHA loans make homeownership possible with a low down payment and flexible credit guidelines. Get a free quote today.
An FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA). Essentially, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments.
The FHA program was created in response to the rash of foreclosures and defaults that happened in 1930s; to provide mortgage lenders with adequate insurance; and to help stimulate the housing market by making loans accessible and affordable.
We're here to make the FHA home loan process a whole lot easier, with tools and expertise that will help guide you along the way, starting with our FREE FHA Loan Qualifier.
We'll help you clearly see differences between loan programs, allowing you to choose the right one for you.
An FHA loan is insured by the Federal Housing Administration. That insurance protects the lender, which lets them offer more flexible guidelines than most conventional loans. It’s one of the most popular options for first-time buyers and for anyone rebuilding their credit.
FHA loans require mortgage insurance: an upfront premium that can be rolled into the loan, plus a monthly premium. Your down payment can come from savings, a gift from family or an approved down payment assistance program.
A strong fit if you: have a smaller down payment saved, have credit that isn’t perfect, or have a higher debt-to-income ratio than conventional loans allow.
Here's how our home loan process works:
With a credit score of 580 or higher, you can put as little as 3.5% down. Scores between 500 and 579 may still qualify with 10% down. FHA loans also allow higher debt-to-income ratios than many conventional programs, and gift funds can cover your entire down payment.
Mortgage rates change every day, and your rate will vary based on your location, finances, and other factors. Get your FREE customized rate comparison below:
