A FHA loan is a mortgage loan insured by the Federal Housing Administration (FHA). We work with the FHA to help home-buyers who are looking to buy their primary home with a loan that fits their needs and with a low down payment.
A Federal Housing Administration loan is a mortgage that is issued by an FHA-approved lender. FHA loans are designed for low- to moderate-income borrowers. They need a lower minimum down payment and credit scores than many conventional loans do.
If you are a first-time homebuyer wanting to finance your first step toward achieving homeownership, FHA Loan could make it possible.
FHA loans are open to people with credit scores as low as 500. If your credit score range is between 500 and 579, you may be able to secure an FHA loan, supposing you can afford a down payment of 10%. If your credit score is 580 or higher, you can get an FHA loan with a down payment of as little as 3.5% down.
If you own a home that needs remodeling or repairs, you can refinance what you owe and add the repair costs into one FHA 203K Renovation Loan.
If you are looking to purchase a manufactured or factory-built home, FHA offers two loan options structured to meet your needs.