FHA LOAN GUIDELINES & BASICS

If you want to buy a home and you don’t have 20% down or great credit. No problem! FHA is the way!

WITH AS LOW 580 CREDIT SCORE REQUIREMENT AND JUST A 3.5% DOWN PAYMENT, FHA MORTGAGES ARE THE EASIEST TYPE OF MORTGAGE LOAN TO QUALIFY FOR IN THE MORTGAGE MARKETPLACE.

What type of home loan are you looking for?

VA Loan

If you’re a Veteran then you’ve probably heard about VA home loans mortgage program, an incredible benefit for our Nation’s Veterans.

Read more

FHA Loan

If you want to buy a home and you don’t have 20% down or great credit. No problem! FHA is the way! and we are here to help.

Read more

USDA Loan

USDA Loans in Florida, USDA Rates and Requirements for 2020, Single Family Guaranteed Housing Loan Program. Your Guide to USDA Rural Development Home Loan.

Read more

Conventional Loan

A conventional loan is a mortgage that meets the lending requirements of Fannie Mae and Freddie Mac.

Read more

FHA LOAN BASICS AND HISTORY

FHA Loan History:

The Federal Housing Administration (FHA) is a United States government agency created in part by the National Housing Act of 1934. The FHA sets standards for construction and underwriting and insures loans made by banks and other private lenders for home building. The goals of this organization are to improve housing standards and conditions, provide an adequate home financing system through insurance of mortgage loans, and to stabilize the mortgage market.

One of the main benefits of an FHA loan is that it will allow a “less than perfect” credit history and it has lower down payment requirements. This combination allows more homebuyers to qualify for home loans.

Send details to contact a personalized Alliance member

Send details to contact a personalized Alliance member

Send details to contact a personalized Alliance member

Send details to contact a personalized Alliance member

945+ Reviews

Client Logo

Very helpful fully explaining the different plans. Cash value is accessed via policy loans, which accrue interest and reduce cash value our valuable items.

Maria Marlin Retired Govt Officer
Client Logo

Very helpful fully explaining the different plans. Cash value is accessed via policy loans, which accrue interest and reduce cash value our valuable items.

Michael Gomes Retired US Army Officer

Costs of FHA Mortgage

Borrowers are required to pay an up-front mortgage funding fee in the amount of 1.75% of the purchase price to HUD at closing. This UPFMIP can be added back into the loan (99.99% loans are done this way) or the fee may be paid at closing. FHA loans also require mortgage insurance paid (MIP) to HUD. In 2020 ,this amount usually around 0.85 percent of the loan amount annually. This monthly MIP is escrowed and is paid out of the monthly loan payments.

If a borrower defaults on an FHA mortgage, it is foreclosed on and HUD will pay the balance to the lender and take possession of the property.

FHA Allowable Property types

Single-family home and 2-4 unit properties, Condos & Townhomes, Manufactured and mobile homes