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FHA Financing

Fulfill Your Homeownership Dreams with FHA Loans

FHA loans have become instrumental in turning homeownership dreams into reality. These mortgages are insured by the Federal Housing Administration (FHA), and certain criteria must be met to qualify for this beneficial loan.

FHA loans are particularly popular among first-time homebuyers and individuals who may not have the funds for substantial down payments.

Who qualifies for an FHA loan?

  • Down payments of at least 3.5%, sourced from personal funds, an approved gift, or a grant program.

  • A minimum credit score of 620 is required.

  • Steady employment history for the past 2 years.

  • Valid social security number, lawful residency in the U.S., and a minimum age of 18.

  • Typically, must be 2 years out of bankruptcy and have re-established good credit.

  • The previous foreclosure must be 3 years from the date of the Sheriff's Sale.

FHA loan requirements as set by the Federal Housing Authority:

  • Available only for primary residence occupancy.

  • Borrowers must obtain a property appraisal from an FHA-approved appraiser.

  • FHA loans require financing of Upfront Mortgage Insurance Premium (UFMIP), included in your monthly mortgage payment.

  • 2024 FHA Loan Limit is set at $498,257.

Contact your loan officer to determine which loan product best suits your individual needs!

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