Federal Housing Administration Financing

“Understanding your financial needs and goals is important to us, and we are committed to securing financing that meets your needs.”

What is an FHA Loan?

An FHA Loan is a home loan that is federally insured by the Federal Housing Administration through HUD.  FHA is designed to increase access to home ownership through lower down payment requirements and federally provided mortgage insurance. FHA has maximum loan limits based upon the home price index for each Metropolitan Statistic Area (MSA).  We can determine what the maximum mortgage amount is for your MSA.  FHA allows for a low down payment as low as 3.5%. This can be your own funds or a gift from a family member. In addition to your down payment closing costs must be paid for; however, the seller can contribute up to 6% of the purchase price to cover your closing costs or we can do a no closing cost loan and cover your closing costs for you.

FHA Loan Details:
  • FHA provides federal mortgage insurance (MI)
  • MI premium is split between an upfront amount paid at closing and a monthly MI payment
  • The upfront MI premium, also call the FHA Funding Fee, can be financed into the Loan
  • The monthly MI payment is paid as part of your monthly mortgage payment
  • 6% Seller Contributions Allowed to closing costs
  • 3.5% Down Payment
  • 30 Year Fixed
  • 15 Year Fixed
  • 5/1 ARM
  • Purchase, Refinance and Cash Out Refinance
  • Single Family Homes, Townhomes, 1-4 Unit Homes (duplex, triplex, quads) and FHA approved Condos
  • See our FHA Streamline page for info on FHA to FHA refinances with NO appraisal required
  • Download our FHA FLYER