FHA Loans

FHA loans are an attractive option, especially for first-time homeowners because it is insured by the Federal Housing Administration (FHA). Primarily, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments.Typically the borrower can be approved with 3.5% down vs 20% that is required on other loan programs. FHA is designed to help people get back from financial hardship such as a bad medical issue or one time traumatic financial situation. We can go down to 600 scores, occasionally lower if the situation can be well documented.

FHA is going to add 1.75% Mortgage insurance onto the base loan, and .85 is the current monthly Mortgage insurance.

If your financial position is solid, NEVER go FHA, you will ALWAYS be better off with a 3% down Conventional loan.


any more questions? simply email me or call me with your question.