FHA loan


Insured by the Federal Housing Administration (FHA), these home loans are government-assisted alternatives to conventional financing, and were originally offered by FHA lenders to first-time home buyers with imperfect credit. FHA loans are now available to a wider customer base and are even popular options for homeowners looking to refinance.

FHA mortgage loans provide more flexibility in credit, income, and equity/down payment requirements, and are great alternatives to conventional loans. They include a Mortgage Insurance Premium (MIP), and a monthly mortgage insurance premium (MMIP).

Who can get an FHA Loan?

Almost anybody can get an FHA loan. There are no income limits. However, there are limits on how much you can borrow. In general, you're limited to median home prices in your area. To find the limits in your region, visit HUD's Website. To qualify for an FHA loan, you'll need to have reasonable debt to income ratios. You don't need perfect credit but you will need to have a credit score of at least 550.

Benefits of FHA Loans

  • Only 3.5% down payment is required for most area
  • Clients can qualify for an FHA loan even with a credit score as low as 550
  • Fixed-rate and adjustable rate loans are available
  • Loan amounts to $679,650 (in high cost areas such as Los Angeles and the San Francisco Bay Area).

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