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A FHA loan is one of the most common types of loans for a first-time home buyer.
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A popular choice for first-time home buyers.
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Whether you’re a first-time homebuyer or moving to a new home, a Federal Housing Administration (FHA) mortgage is a great choice with a low down payment and flexible guidelines. Get started today!
Low Down Payments, Big Possibilities
FHA loans are mortgages insured by the Federal Housing Administration, designed to help potential homebuyers purchase a home when they might not qualify for other types of mortgages. It allows for lower credit scores and down payments (as low as 3.5%!), so FHA loans are a popular option with first-time homebuyers.
Features & Benefits
Low Down Payment
With low down payment options, we can help get you into your new home fast!
$0 Application Fee
There’s no cost to apply and the application process is easy.
Lock in Your Rate
Lock in your rate for up to 90 days before closing!Once your loan is approved, your rate can be locked up to 90 days.
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What is an FHA loan?
A Federal Housing Administration loan, or an FHA loan, is a home loan that’s insured by the Federal Housing Administration. The loan being guaranteed by the government reduces the risk for the lender and makes it easier for the borrower to be approved. FHA loans are designed to help people buy homes who might not qualify for conventional mortgages, often because of lower credit scores or inability to make a large down payment.
What are the down payment options for an FHA loan?
With a credit score of 580 or higher, the minimum down payment for an FHA loan is 3.5% of the home's purchase price. If your credit score is below 580, you might still be eligible for an FHA loan, but you’ll need to make a higher down payment of at least 10%.
Are there any eligibility requirements for an FHA loan?
A credit score of 580 is required to qualify for the FHA’s low down payment advantage, though you can still qualify for a higher down payment with a lower score. The FHA typically allows a debt-to-income (DTI) ratio of up to 43%.
Can I qualify for an FHA loan even if I have a low credit score?
Absolutely! If your credit score is between 500 and 579, you’ll need to make a higher down payment of at least 10%. If your score is 580 or higher, that minimum down payment shrinks to 3.5%. FHA loans are designed to be more accessible, so they’re a great option for potential homebuyers working on improving their credit.
What is a debt-to-income ratio?
Debt-to-income (DTI) refers to all your monthly debt payments – things like loans, credit card bills, etc. – divided by your gross monthly income. Gross monthly income is the total amount of money received in a given month before any deductions, including taxes.
How do I apply?
You can get a quote on an FHA loan in just a few minutes online, talk with our mortgage lending team, or visit your local branch to learn more.
