FHA Loans
The Lowdown on FHA Loans...
Why an FHA Loan?
Our FHA Loan Rates Are Low & Our Process is Quick & Painless
An FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA). Essentially, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments.
The FHA program was created in response to the rash of foreclosures and defaults that happened in 1930s; to provide mortgage lenders with adequate insurance; and to help stimulate the housing market by making loans accessible and affordable.
We’re here to make the FHA home loan process a whole lot easier, with tools and expertise that will help guide you along the way, starting with our FREE FHA Loan Qualifier.
We’ll help you clearly see differences between loan programs, allowing you to choose the right one for you whether you’re a first-time home buyer or a seasoned investor.
The FHA Loan Process
- Check Eligibility: Ensure your credit score and debt-to-income ratio meet FHA requirements.
- Find an FHA Lender: Choose a lender and compare offers.
- Get Pre-Approved: Submit financial details for pre-approval.
- Find a Home: Look for a property within FHA loan limits.
- Submit Application: Complete the loan application with required documents.
- Home Appraisal: The lender appraises the property to ensure it meets FHA standards.
- Loan Processing: Lender reviews and finalizes your loan.
Benefits of the FHA Loan Process
- Low Down Payment: Requires as little as 3.5% down with a credit score of 580+.
- Flexible Credit Requirements: Available to borrowers with credit scores as low as 500.
- Lower Interest Rates: FHA loans often offer competitive rates compared to conventional loans.
- Higher Debt-to-Income Ratio: Allows up to 43% or more, making it easier to qualify.
