Limited down payment, less than perfect credit – THAT'S OKAY!
The Federal Housing Administration, or FHA, supports homeownership efforts in the United States by offering low down payment loan options with more lenient credit requirements. Mortgage insurance is required, but you do not need to be a first time homebuyer to qualify.
By offering more flexible underwriting guidelines, FHA loans are popular with first time homebuyers who have a limited down payment, for individuals with some credit mistakes, or those recently divorced. FHA loans offer lower interest rates when compared with conventional loans but do require an additional mortgage insurance payment to offset the risk.
FHA LOAN REQUIREMENTS
3.5% minimum down payment required
10% down payment required for lowest FICO Scores Mortgage insurance for life of the loan
Approx. 0.85% of loan amount Must be primary residence 2 years stable, documented income required Property must be in fairly good physical condition
10% down payment required for lowest FICO Scores Mortgage insurance for life of the loan
Approx. 0.85% of loan amount Must be primary residence 2 years stable, documented income required Property must be in fairly good physical condition
There are financial strategy and timing considerations that can save you thousands of dollars. We work with our clients to navigate dynamic markets, anticipate underwriting requests, and use strategic intelligence to ensure your offer stands out.
Our Loan Process is Simple:
- Complete our easy Mortgage Qualifier.
- Receive custom loan options for your situation and goals.
- Compare and consider loan rates and terms.
- Select the loan that best fits your goals.
Looking for something else?
View other loan options here!
Looking for more? View our full list of loan programs here.