FHA Loans


Consider a FHA When

Buying a first home Not having a lot of money for a down payment - FHA loans only have a 3.5% down payment and in many cases no down payment. 100% FHA financing is possible. You can own a home with no money down! Even if you do make a down payment, it doesn't even have to be your money. Family members, employers and charitable organizations are allowed to provide money for your down payment.

Wanting to keep monthly payments as low as possible - FHA loans offer competitive interest rates because the U.S. government insures the loans for lenders.

Not sure about being able to qualify for a loan - The combination of low down payment, credit flexibility, and government make a combination conventional lenders find hard to beat.
Having less than perfect credit - If you have past credit issues such as a bankruptcy, it's easier for you to qualify for an FHA loan than a conventional loan.


Concerned about falling behind on payments - Because FHA insures your mortgage, lenders perceive an FHA loan as less risky and may be more willing to give you loan terms that make it easier for you to qualify.

Want to buy a "fixer-upper" - Have you found a home you'd like to buy, but it needs a lot of work? FHA has a loan for rehabilitating and repairing single-family properties called the SF Rehabilitation Loan program (203k). With a 203K rehab loan, you can get just one mortgage loan which includes the mortgage and the cost of repairs combined. The mortgage amount is based on the estimated value of the property when the work is completed. Indian Reservations and Other Restricted Lands - FHA guaranteed loans are available for financing homes on reservations and other protected lands.

If you have any of these needs, an FHA loan may be right for you.