FHA Home Loans – Your Path to Home Ownership
An FHA loan is a type of mortgage insured by the Federal Housing Administration (or, FHA).
The program is designed to give you peace of mind with an affordable down payment.
The best part is:
- Lower down payments
- Easier for low-to-moderate income borrowers
- A simpler path for first time home buyers
Apply for an FHA Loan Online
Click n’ Close’s digital platform is the fastest way to apply for an FHA loan.
Apply and get your pre-qualification fast!
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FHA Loan Requirements
Here are the basics you need to know about the FHA mortgage. Check below for what you’ll need.
FHA Loan Qualifications
What you’ll need to get an FHA loan
- We work with borrowers that have less than stellar credit.
- We allow higher debt-to-income ratios for borrowers with credit scores of 580 or above.
- We require a down payment of at least 3.5% in most cases.
FHA Loan Rates and Costs
How much is an FHA loan?
FHA loans require you pay a mortgage insurance premium each month. This can make your monthly mortgage payment higher than non-FHA loans, but it’s balanced out by a lower down payment.
FHA Loan Limits
FHA loans aren’t perfect for every borrower. If you’re purchasing an investment property to be used as a rental property, investment or flip, FHA may not be for you. That’s why FHA requires you to occupy the home within 60 days of closing, and FHA restricts you from buying a house within 90 days of a prior sale.
You also cannot have delinquent federal debt, judgements, or any debt related to a previous FHA mortgage. In addition, there’s a ceiling on the value of the house you can buy with an FHA mortgage. You will need to determine the Nationwide Mortgage Limits based on your location for FHA loans, as each jurisdiction has different ceilings.
These rules might seem harsh, but they help keep FHA loans affordable for the families who need them most.
What makes Click n’ Close
perfect for your FHA mortgage?
There are lots of mortgage companies who can provide an FHA
loan. What makes Click n’ Close special? Our digital-first platform
lets you close faster without losing the personal touch.
Learn more by checking out the Click n’ Close process!
Use the Click n’ Close Home Loan Calculator
Do you want to know exactly how much your home loan will cost you each month?
If so, we’re here to help. Use our calculator including today’s rates to give yourself an
idea of what the FHA loan might look like for you! Please note that the calculator
does not include the monthly insurance required of FHA loans.