FHA Loans

If your income or credit score has caused a few bumps in the road on your homebuying journey, a FHA (Federal Housing Administration) home loan may be the perfect fit you’ve been looking for. FHA loans have become increasingly popular due to their flexible qualifications like, higher debt-to-income allowances, down payment options as low as 3.5%* and first-time homebuyer incentives. They also accommodate for those affected by foreclosure or bankruptcy. 

*FHA Payment example: Stated rate may change or may not be available at time of rate lock. If you bought a $350,000 home with a down payment of 3.5%, for a loan amount of $337,500, on a 30 year loan at a fixed rate of 6.625% (7.021% Annual Percentage Rate), you would make 360 monthly payments of $2,162.00. Payment stated does not include taxes, homeowners insurance, and mortgage insurance which will result in a higher payment

General Guidelines:

• Must be owner occupied by Borrower -Non occupying co-borrower (relative allowed)
• 1-4 family owner occupied
• Typically, can only have one FHA loan
• Up to a four unity property, with at least one-unit owner occupied
• Condos must be on HUD approved list

Job Requirement Guidelines:

• W-2 Self Employed Borrowers allowed. *HUD’s income and employment requirements must be met.

Mortgage Insurance: 

• Monthly MIP based on LTV and Mortgage Term
• Up-Front MIP of 1.75% included in the loan amount