FHA Loans
The Lowdown on FHA Loans
Why an FHA Loan?
In 2024, FHA loans remain a top choice for borrowers with limited savings or lower credit scores. A 3.5% down payment is required for credit scores 580+, while scores between 500 and 579 need a 10% down payment. FHA loans come with upfront mortgage insurance of 1.75% and annual premiums between 0.45% to 1.05%. The debt-to-income ratio can go up to 43%, and loan limits range from $472,030 in low-cost areas to $1,089,300 in high-cost areas, making it an accessible option for many buyers.
Our FHA Loan Rates Are Low & Our Process is Quick & Painless
An FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA). Essentially, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments.
The FHA program was created in response to the rash of foreclosures and defaults that happened in 1930s; to provide mortgage lenders with adequate insurance; and to help stimulate the housing market by making loans accessible and affordable.
We’re here to make the FHA home loan process a whole lot easier, with tools and expertise that will help guide you along the way, starting with our FREE FHA Loan Qualifier.
We’ll help you clearly see differences between loan programs, allowing you to choose the right one for you whether you’re a first-time home buyer or a seasoned investor.
