FHA Loans
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Insured by the federal housing administration, FHA loans are a great option for first-time buyers. FHA loans are flexible with credit, income, and down payment requirements, higher debt-to-income ratios, making them more accessible than conventional loans.
- First Time Home Buyer
- Down Payment Assistance
- Debt to Income Ratio up to 50%
- Non-occupant Co-borrowers are Okay!
- 580 FICO + 3.5% down payment.
- FICO score between 500 and 579 = 10% down payment.
- MIP (Mortgage Insurance Premium ) is required.
- The home must be the borrower's primary residence.
BENEFITS OF FHA LOANS
EASIER TO QUALIFY
FHA provides mortgage programs with lower requirements. This makes it easier for most borrowers to qualify, even those with questionable credit history and low credit scores.
COMPETITIVE INTEREST RATES
FHA loans offer low interest rates to help homeowners afford their monthly housing payments. This is a great benefit when compared to the negative features of subprime mortgages.
BANKRUPTCY / FORECLOSURE
Having a bankruptcy or foreclosure in the past few years doesn't mean you can't qualify for an FHA loan. Re-establishing good credit and a solid payment history can help satisfy FHA requirements.
FIRST TIME HOMEBUYERS
We define “first-time home buyer” as any person or family who has not owned, or had an ownership interest in, a home within the past three (3) years. “Ownership interest” is defined as any person who is living in the home as his/her primary residence and who is listed on the Deed of Trust. For married couples, both spouses hold an ownership interest, even if only one is listed on the Deed of Trust. Being a first-time homebuyer allows you to take advantage of our Mortgage Credit Certificate program.
DOWN PAYMENT ASSISTANCE
If you qualify for our programs, we will provide you with a mortgage loan and funding to use for your down payment. You can choose to receive the assistance as a grant (which does not have to be repaid) or a deferred forgivable second lien loan (which only has to be repaid if you sell or refinance within three years). If you’re eligible, you can essentially receive free money to help you buy a home. To qualify, you must have a credit score of 620 and meet certain income requirements.
