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Flexible FHA Loans for Every Homebuyer
With low down payments and flexible credit requirements, FHA Loans are designed to make homeownership accessible. Discover how an FHA loan can open doors for you!
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Your Questions, Answered
FHA Loans FAQs
We understand that choosing the right loan can be a big decision. Below are some frequently asked questions to help guide you through the process and find the best solution for your needs.
What is an FHA loan?
An FHA loan is a government-backed mortgage designed for first-time homebuyers or those with less-than-perfect credit. It offers low down payments and more flexible qualification requirements.
How much do I need for a down payment with an FHA loan?
FHA loans typically require a down payment as low as 3.5% of the purchase price, depending on your credit score.
What are the credit score requirements for an FHA loan?
The minimum credit score for an FHA loan is usually 580 for a 3.5% down payment. However, you may qualify with a lower score, though you’ll need a larger down payment.
Can I use an FHA loan for a second home or investment property?
No, FHA loans are only for primary residences. They cannot be used for second homes or investment properties.
Do FHA loans require private mortgage insurance (PMI)?
Yes, FHA loans require mortgage insurance, which helps protect the lender in case of default. It includes an upfront premium and an annual premium paid monthly.
