- Down payment
- 3.5% with a 580+ score
- Credit score
- 580+, or 500+ with 10% down
- Mortgage insurance
- Upfront and monthly premiums
- Property use
- Primary residence, 1 to 4 units
What it is
FHA loans are insured by the Federal Housing Administration. That insurance lets lenders approve buyers with lower credit scores, smaller down payments and higher debt-to-income ratios.
How it works with a broker
FHA sets the insurance rules, but each lender adds its own requirements on top. One lender might stop at a 620 score while another goes to 580 with the same program.
Because I am not limited to one lender's rules, I can place your file where it is most likely to be approved at the lowest cost.
Common questions
Is FHA only for first-time buyers?
No. Anyone can use an FHA loan for a home they will live in, as long as they do not already have another FHA loan in most cases.
Can I get rid of FHA mortgage insurance?
With less than 10% down it stays for the life of the loan. Most people remove it by refinancing into a conventional loan once they have 20% equity.
Figures shown are typical guidelines and can vary by lender, credit profile and property. They are not an offer or commitment to lend.
Find out what you qualify for.
Answer a few questions and I will come back with real options, usually the same day. It takes about two minutes and does not affect your credit.