FHA Loans

Government-backed loans with lower down payment options for buyers.

FHA loans are designed to help more people become homeowners, offering low down payment options and more lenient qualification requirements.

Freddie Mac’s BorrowSmart AccessSM mortgage aims to assist borrowers by providing built-in down payment/closing cost assistance.
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FHA Loan

Features

Program Benefits

These government-backed mortgages make homeownership more accessible.
01

Government Backing

FHA loans are insured by the Federal Housing Administration, reducing the risk for lenders and making it easier for borrowers to qualify.

02

Lower Credit Score Requirements

FHA loans often have more lenient credit score requirements, making them a good option for first-time homebuyers.

03

Low Down Payment

These loans typically require a lower down payment, which can be as little as 3.5%.

04

Assumable Loans

FHA loans can be transferred to a new buyer if the property is sold, potentially making it easier to sell your home.

05

Assumable Loans

FHA loans can be transferred to a new buyer if the property is sold, potentially making it easier to sell your home.

06

Assumable Loans

FHA loans can be transferred to a new buyer if the property is sold, potentially making it easier to sell your home.

Benefits of a

Benefits of an

FHA Loan

Freddie Mac BorrowSmart SM

Benefits of

FHA Loan

Freddie Mac BorrowSmart SM

Easier Qualification

FHA loans are designed to help more people qualify for a mortgage, even if they have less-than-perfect credit.

Lower Down Payment

With a down payment as low as 3.5%, FHA loans make homeownership more accessible.

Flexible Terms

Borrowers can choose from various loan terms, including fixed and adjustable rates, to fit their financial situation.

Assumable Loan Option

If you sell your home, the FHA loan can be transferred to the new buyer, which can make your property more attractive.

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Choose A and N Mortgage for your FHA loan and benefit from expert guidance and supportive service tailored to your needs.

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Loan Program
Frequently Asked Questions

What is an FHA Loan and How Does it Work?

An FHA loan is a mortgage backed by the Federal Housing Administration, designed to help homebuyers with less-than-perfect credit or smaller down payments qualify for a home loan. Borrowers can typically secure financing with more flexible credit and down payment options than conventional loans.

What Are the Different Types of FHA Loans?

FHA loans come in several varieties, each designed to meet different needs:

  1. FHA 203(b) Loan: The most common type, used for purchasing a primary residence with low down payment and flexible credit requirements.
  2. FHA 203(k) Loan: A loan for buying and renovating a home. It allows you to finance both the purchase price and renovation costs in a single mortgage.
  3. FHA Streamline Refinance: Designed for current FHA borrowers to easily refinance their existing loan, usually with lower documentation and no appraisal required.
  4. FHA Energy Efficient Mortgage (EEM): Allows homeowners to finance energy-efficient upgrades to their homes along with their FHA loan.

Each type of FHA loan is geared toward different borrower needs. We can help you determine which one is right for you.

Who Can Qualify for an FHA Loan?

FHA loans may be available to borrowers with credit scores as low as 580, typically requiring a 3.5% down payment. Some loans programs may have stricter credit score or down payment requirements. Borrowers with credit scores between 500-579 may qualify with a 10% down payment, though this depends on the loan program and individual circumstances.

What Are the Benefits of Choosing an FHA Loan?

FHA loans offer lower down payment requirements, more lenient credit score qualifications, and the option to include closing costs in the loan. They also allow higher debt-to-income ratios than conventional loans, making homeownership accessible to more people. However, it’s important to check with us for specific eligibility criteria.

What Are the FHA Loan Limits in My Area?

FHA loan limits vary by county and are based on local home prices. These limits are adjusted annually by the Federal Housing Administration. You can check FHA’s website or consult with us to find the loan limits for your area.

Do FHA Loans Require Mortgage Insurance?

Yes, FHA loans require both an upfront mortgage insurance premium (UFMIP) and an annual mortgage insurance premium (MIP). We can provide the most current rates and options.

Can I Get an FHA Loan If I’ve Had Credit Issues in the Past?

FHA loans are designed to be more forgiving for borrowers with credit challenges. Even if you've experienced bankruptcy or foreclosure, you may still qualify after a waiting period (typically 2-3 years). As an FHA-approved lender, we can consult with you and let you know what your options are.

Can I Use an FHA Loan to Buy a Fixer-Upper?

Yes, FHA offers a 203(k) loan program, which is specifically for purchasing and renovating homes. This allows you to finance both the purchase price and the cost of repairs in one loan. Please check with us to find out if additional guidelines apply.

How Does an FHA Loan Compare to a Conventional Loan?

FHA loans offer more flexible credit and down payment options, but they do require mortgage insurance for the life of the loan. Conventional loans may offer better terms for borrowers with higher credit scores and larger down payments, as private mortgage insurance (PMI) can be removed when you reach 20% equity. At [Lender Company] we would be happy to help you compare both options.

Can I Refinance My FHA Loan to Lower My Payments?

Yes, the FHA Streamline Refinance program allows current FHA borrowers to refinance with reduced paperwork and no appraisal, potentially lowering your interest rate or monthly payments. However, some additional criteria may be required, so it's important to discuss your options with us first.

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Get Pre-Approved Fast!

Welcome to a better mortgage experience! In just few minutes you can find out what you qualify for and explore multiple loan options and interest rates. Complete our short and intuitive pre-approval interview to get started.

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