FHA Loans

FHA Loans

FHA-insured loans make home ownership affordable and obtainable and are the key to getting many customers in the area into the homes of their dreams.

FHA Loan Benefits and Features

  • Your down payment could be as low as 3.5%.
  • There is no limit on borrower income, and there is also more flexibility when it comes to your credit score.
  • A higher debt-to-income ratio which might stand in your way with conventional financing may be acceptable with an FHA loan in.
  • FHA loans usually have lower interest rates than conventional loans.
  • You may obtain an FHA loan not just for a home purchase, but also for renovation, a cash out refinance, reduction in interest rate, reduction in term, or even a reverse mortgage.
  • If you have filed for bankruptcy, two years from the date of your discharge, you may qualify for an FHA loan with re-established credit.
  • If you have foreclosed in the past or had a short sale, three years after the final date of the foreclosure or short sale, you may be eligible for an FHA loan provided you have maintained good credit.


All of this means you may have an easier time qualifying for an FHA loan, and the terms of the loans may be more favorable than what you would qualify for with a conventional loan.

Do You Qualify for an FHA Loan?

If you are interested in a FHA loan, you will need to meet these eligibility requirements:

  • To buy a home using FHA financing, you must not currently have an already existing FHA loan. FHA loans are not only available for first time home buyers.
  • Your back end debt-to-income ratio (that includes the new housing payment plus all other debt showing on credit, must not exceed 56%.
  • If you wish to qualify for a 3.5% down payment, you must have a FICO score which is 580 or higher. If your scores are 640 or higher, you would be eligible for much more favorable terms.
  • The home must fit the qualification requirements for an FHA loan.


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