What is an FHA loan?
An FHA home loan is a government-backed mortgage program that can make it easier for people to become homeowners. FHA mortgage loans are insured by the Federal Housing Administration (FHA), which is part of the U.S. Department of Housing and Urban Development (HUD).
Since these loans are backed by the FHA, we can provide you with financial flexibility through a low down payment requirement and other benefits. An FHA mortgage loan is especially helpful if you’re a first-time homebuyer or need help qualifying for home financing.
What are credit score limits for an FHA loan?
To qualify for an FHA-insured loan, you need a minimum credit score of 580 for a loan with a 3.5% down payment, and a minimum score of 480 with 10% down.
Where do you go for an FHA loan?
FHA loans are available from many types of lenders including banks, credit unions, and mortgage lenders that are approved by the Federal Housing Administration.
Are FHA loans assumable?
Yes, most FHA loans are assumable; however, there are some restrictions and additional rules for FHA-insured mortgages originated since 1986. Depending on the date of loan origination, a creditworthiness review of the borrower may be required.