FHA Loan

Are you buying your first home and/or looking for more flexible qualification and credit requirements in your mortgage?

Have a down payment or equity that’s less than 20%?

Want the comfort and security of a government-backed loan? If you said yes, yes and yes, then this type of loan may be exactly what you need.


An FHA loan is a type of government-backed mortgage insured by the Federal Housing Administration

  • 30-, 25-, 20-, and 15-year fixed-rate terms
  • Qualification for credit scores as low as 580
  • 5-year adjustable-rate mortgage
  • Ability to refinance up to 97.75% of your primary home’s value
  • Option to purchase a primary home with as little as 3.5% down
  • Security of a government-insured loan
  • An upfront mortgage insurance premium (UFMIP) equal to 1.75% of the base loan amount at closing is required
  • Monthly mortgage insurance premium (MIP) 45% to 1.05%, depending on the loan term (15 years vs. 30 years)
  • Pay your mortgage at any time without pre-payment penalties
  • May allow you to use a gift or grant for all or a portion of your closing costs.
  • Allows a new buyer to take over the loan if you sell your home (subject to loan approval)


Now, your actual payment will vary based upon your individual situation and the interest rate when you apply. Have more questions or want to apply now? Our Home Loan Experts can help you decide which loan option makes sense for you.