FHA Loans

FHA Loans

How FHA Loans Work

FHA loans are mortgage loans insured by the Federal Housing Administration (FHA), designed to help borrowers with lower credit scores or limited down payment funds. These loans offer more flexible lending standards, making homeownership accessible to more people.

Key Features

  • Interest Rates: FHA loans typically have competitive interest rates. These rates can be fixed or adjustable, depending on the loan type.
  • Loan Limits: The FHA sets limits on the amount you can borrow, which vary by location and property type. These limits are usually higher in high-cost areas.
  • Down Payments: FHA loans require a minimum down payment of 3.5% of the purchase price for borrowers with a credit score of 580 or higher. For those with lower credit scores, a 10% down payment may be required.

Eligibility Criteria

  • Credit Score: FHA loans are accessible to borrowers with lower credit scores.
  • Debt-to-Income Ratio: FHA guidelines typically allow for a higher debt-to-income ratio compared to conventional loans. The preferred DTI is usually below 43%, but exceptions can be made.
  • Employment and Income: Borrowers must have a steady employment history, usually for at least two years, and proof of consistent income.

What To Know About FHA Loans

What Services We Render

We offer a range of services to help you secure the best conventional home loan for your needs. Our team of experts will guide you through the entire process, ensuring a smooth and stress-free experience. Here’s what we provide:

  • Personalized Loan Consultation: Understanding your financial situation and loan options.
  • Pre-Approval Assistance: Helping you get pre-approved to know your borrowing capacity.
  • Documentation Support: Assisting you in gathering and submitting all necessary documents.
  • Loan Comparison: Comparing various loan products to find the best rates and terms.
  • Closing Coordination: Managing the closing process and ensuring all paperwork is completed accurately.
  • Whether you are a first-time homebuyer or looking to refinance, our goal is to make the home loan process as straightforward as possible.