An FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA).

Offers a less stringent qualification and credit requirements.

  • Down payment or home equity less than 20%.
  • Sellers are also allowed to contribute a portion of the sale proceeds to closing costs.
  • People with a bankruptcy more than two years old may often qualify for a loan. These loans also allow higher debt-to-income ratios.
  • Two Years of steady employment, preferably with same employer.
  • Last two years Income should be the same or increasing.
  • Credit report should typically have less than two thirty days later in last two years with a minimum credit score of 640 or higher.
  • Bankruptcies must be at least two years old, with perfect credit since discharge.
  • Foreclosures must be at least three years old, with perfect credit since.
  • Credit scores as low as 580 may qualify.
  • Refinance up to 97.75% of your primary home’s value.
  • Buy a home with as little as 3.5% down (primary home).
  • Your actual payment will vary based on your situation and the current interest rates when you apply.
  • Pay off your mortgage at any time without pre-payment penalties.
  • 30 and 15 year terms are all available with fixed rates.

The payment on a $200,000 FHA Loan at 3.25% and 96.5% loan-to-value (LTV) is $885.64 with no points due at closing. The Annual Percentage Rate (APR) is 4.719%.

  • Payment does not include taxes and insurance premiums.
  • Rates are subject to change without prior notice.
  • Loan information is informational purposes only and is not an offer to make a loan.
how can we help you?

Let us show you how we work! Contact us today to learn more!

Consulting WP really helped us achieve our financial goals. The slick presentation along with fantastic readability ensures that our financial standing is stable.

Amanda Seyfried
Sales & Marketing, Alien Ltd.