FHA Loan Products

An FHA loan is a mortgage insured by the Federal Housing Administration. With a minimum 3.5% down payment for borrowers with a credit score of 500 or higher, FHA loans are often a good fit for first-time home buyers or people with little savings or credit challenges. You might even be able to get an FHA loan with a bankruptcy or other financial issue on your record.

Mortgage insurance is required on all FHA loans, but the amount and duration can vary. With FHA loans, you are required to pay an upfront mortgage insurance premium. However, this fee is rolled in to your mortgage, so you are not having to pay it out of pocket.

FHA loans allow lower credit scores than do conventional, as well as lower down payment requirements. The debt-to-income (DTI) ratio is also more favorable with FHA loans, than with conventional. Conventional loans have a max DTI of 50%, whereas FHA loans are 55%.

Specific types of FHA loans can also be used to finance new construction or renovate an existing home. However, all properties — existing or new construction — must undergo an FHA appraisal, and meet government standards.

Refinancing An FHA Loan

1. Rate/Term Refinance

Up to 97.75% LTV
DTI max 55%
580+ FICO

2. Cash-Out Refinance

580+ FICO
DTI max 43%
LTV as high as 90%

Contact Me To Get Approved

FHA

500+ FICO
DTI max 55%
Single family primary residences
Available on single- and multi-wide, condos and PUDs
Lender and seller paid Temporary Rate Buydowns available

FHA Streamline Refinance

No DTI requirements
No income or employment documents requirements
Reduced underwriting requirements
Appraisal Waivers
580+FICO
No Max LTV

*The FHA streamline refinance is a program that allows homeowners to replace their current FHA loan with a new FHA loan that provides a lower interest rate and brings financial benefit to the borrower. The “streamline” part refers to the simple approval process — you can skip the income verification and home appraisal, and you won’t even need a full credit report.