FHA Loan

Low Down Payment? We have a loan for that.

An FHA loan is a flexible loan option for those who have low credit and low down payment.

If you have at least 3.5% down payment & a minimum credit score of 580, this loan option is for you.

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FHA Loan Requirements

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580 Minimum Credit Score

The minimum credit score is 580.

3.5% Down Payment

You will need at least 3.5% of the sales price as a down payment.

Mortgage Insurance Premium (MIP)

There is an upfront mortgage insurance premium of 1.75% of the base loan amount that gets financed into the loan. This will be a part of your mortgage payment.

Benefits of FHA Loans

Low Down Payment: The minimum down payment is 3.5%
Competitive Interest Rates: FHA offers lower interest rates than conventional loans.
Low Credit Score: The minimum credit score required is 580. Making it easier to qualify if you have had a few bumps in your credit history.
Higher Debt-to Income Ratio: The debt-to-income ratio is 56%, which allows for more flexibility if you have more than just a couple of credit cards with a balance.
Sellers Can Cover Closing Costs: The loan agreement allows 3-6% of the sales price to be used towards your closing costs.
Government Insured: FHA loans are backed and secured by the government.
Refinancing Opportunities: Existing FHA Loan holders may be eligible for a FHA Streamline Refinance. If you have an FHA loan and want to lower your interest rate with little to no out-of pocket closing costs this will be a great option for you. You do not have to provide bank statements, W2s, job verification, or paystubs.
Have foreclosure or bankruptcy? FHA loans have a shorter waiting period than conventional loans.