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The Benefits of an FHA Loan

FHA Loans are a game-changer for first time home buyers.

Low Down Payment

FHA loans offer buyers down payment requirements as low as 3.5%.

You Don’t Need Perfect Credit

Credit score of 580 with 3.5% down, or as low as 500 with 10% down.

Flexible Co-Signer Options

With an FHA loan, co-signers are not required to live in the home, giving home buyers more felxibility.

Various Down Payment Sources

Down payment sources like a gift or grant make FHA loans appeal to a broader group of home buyers.

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Explore FHA Loans

If you’re ready to learn more about FHA loans, you’re in the right place! FHA loans are a flexible financing option for first-time and repeat buyers. Explore our resources and start finding answers to your questions.

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General

FHA loans accept down payments as low as 3.5%. There’s also flexibility in the source of down payment. FHA allows higher qualifying debt to income ratios, co-signers that do not have to live in the home, seller assistance towards buyer closing costs, and more.

No, FHA loans can be used for repeat buyers. 

We have a great comparison guide that digs into the details here.

FHA loans allow the seller to give a “gift of equity” to cover the down payment for a buyer. This typically happens in scenarios where the seller is a friend or family member of the buyer.

FHA Loan Limits determine the maximum amount of money that you can borrow using an FHA loan. The loan limits update each year. Learn more here. 

Yes, you can refinance your home with an FHA loan. Learn more about FHA refinance options here.

Yes, learn more about this process here.

We cover the basics here. 

Costs & Fees

Yes, 3.5% is the minimum down payment. 

Down payment assistance can be used to cover your down payment or closing costs with an FHA loan. 

No, but check out how you can pay your own taxes and insurance here.

Yes, while FHA loans do not require private mortgage insurance (PMI), you will have an insurance mortgage premium charged by FHA (aka, FHA mortgage insurance). This cost is paid at closing.

Yes, learn more about PMI removal strategies here.

Yes, The maximum seller paid closing costs involving an FHA loan is 6% of the sales price. Learn more about seller paid closing costs here.

Qualifications & Rules

Start by filling out a Quickstart application. From there, one of our FHA loan experts will walk you through the process step by step. 

The short answer is yes, but there are rules and guidelines you will need to know.  

Yes, learn the ins and outs of FHA guidelines for student loans here. 

Yes, learn more about financing a new construction home here.  

No, FHA requires that the buyer use the home as a primary residence. 

Not technically, FHA loans are primarily for primary residences only. However, there are special expectations. Read about those here: 

FHA loans have above average flexibility on credit score, but there are still certain minimum standards that you have to meet. Read more here. If your credit isn't perfect, we can help put together a plan to raise it!

We share the specifics in this blog post. 

Yes, and the co-borrower does not have to live in the home with you. Learn more about non-occupant co-borrowers here. 

Generally, the FHA foreclosure waiting period is 3 years.

FHA requires that at least three years have passed from the date of the short sale through the FHA case file number. Although, it is possible to buy with less than three years. Learn more here. 

Yes, but specific FHA guidelines must be followed. 

The FHA bankruptcy waiting period is much shorter than you may think! Learn more here. 

While many home loan programs require collections to be paid off, FHA is pretty lenient when it comes to collections.

Rates

Interest rates are based on a variety of factors. Learn how VA interest rates stack up to other loan program options.

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Topics covered include:

  • Topics covered include:
  • Saving for a Down Payment
  • Get a Mortgage/Pre-Approval
  • Researching Loan Programs
  • Loan Process Steps
  • Loan Process Do’s and Don’ts

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3. Review & Submit

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1. Create an Account

Choose your username and password to begin your QuickStart application.

2. Fill Out Application

Tell us about yourself and your financial situation so we can find loan options.

3. Review & Submit

Double-check the information you’ve entered and make any edits before you submit your application.

4. Upload Documents

Submit documents to help us verify your application. We may request follow-up items as we review your application.

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