FHA Loans - The Basics

FHA loans allow you to purchase a home with as little as 3.5% down! They also have the lowest equity requirements for refinance loans if you are a non-veteran.

While your lender will take down two years of work history for their application, FHA does not have a standard requirement for how long you've been at your current employer.

Aside from VA loans, FHA offers the most lenient solutions in regards to credit history. Approvals go down to FICOs into the 500's and bankruptcies and foreclosures are overlooked in the matter of just 2-3 years from finalization. Watch out though! - if there have been issues with previous government loans (including student loans) it may be a road block!

Because the FHA is held responsible in the case of default, they are somewhat particular about the condition of the home. Some common things to touch up are any chipped or peeling paint, stairs/steps without a railing, and if you do not use city water they may require your well to be tested.

As stated in other pages, the FHA has loan limits dictated by the county you reside in, below is a link that will take you to find yours!

For free information call now at 877-606-9282 or set an appointment on our home screen for one of our mortgage experts to answer any additional questions you may have!