What is a
Federal Housing Administration Loan
(FHA) Loan
A Federal Housing Administration (FHA) loan is a mortgage insured by the FHA and issued by an FHA-approved lender. An FHA loan is designed for low to moderate-income borrowers. They require a lower minimum down payment and lower credit scores compared to conventional loans.
Because of their many benefits, FHA loans are popular with first-time homebuyers.
FHA Loans vs. Conventional Mortgages
FHA loans are available to individuals with lower credit scores. You'll typically need a median credit score of at least 570 Fico for an FHA loan Vs a 670 Fico with conventional loans. FHA allows on for a down payment of 3.5% for all borrowers Vs Conventional will only allow first time home buyers or those earnings 80% under AMI to purchase with 3.0% down payment. To learn more contact us
Who Qualifies for an FHA Loan
There is no income limitation requirements for FHA home loans. A credit score of at least 570 and a permeant resident of the United States. Please contact us to learn more by clicking below.