FHA Mortgage Loans
Government-backed mortgages offering lower minimum down payments and flexible credit requirements. Secure the lowest wholesale FHA rates nationwide.
As a top-rated nationwide mortgage broker, FIG Homes & Loans provides access to the most competitive FHA mortgage rates across all 50 states. FHA loans are government-backed mortgages offering lower minimum down payments and flexible credit score requirements, making homeownership accessible to more people.
What is an FHA Mortgage Loan?
Insured by the Federal Housing Administration (FHA), these loans are designed to help low-to-moderate-income borrowers purchase a home. They are incredibly popular among first-time homebuyers due to their lenient qualification standards. Because we shop your loan across 220+ wholesale lenders, we ensure you get the absolute best price guarantee on your FHA mortgage.
Key Advantages of FHA Financing
- Low Down Payments: Buy a home with down payments as low as 3.5%.
- Flexible Credit: More lenient credit score requirements compared to conventional loans.
- Higher DTI Allowances: Allows for higher debt-to-income ratios.
- Seller Concessions: Sellers can contribute up to 6% of the purchase price toward closing costs.
- Co-Signers Allowed: Co-signers (non-occupant co-borrowers) are permitted to help you qualify.
Who is Eligible for an FHA Home Loan?
To qualify for the best FHA mortgage rates, borrowers typically need to meet the following criteria:
- Borrowers with a credit score of 580 or higher for maximum financing (3.5% down).
- Scores between 500-579 may qualify with a 10% down payment.
- Verifiable employment history (typically 2 years).
- A debt-to-income (DTI) ratio typically up to 43%, though exceptions can be made up to 50% or higher with compensating factors.
- The property must be your primary residence and meet FHA safety and habitability standards.
Our Streamlined FHA Loan Process
- Nationwide Pre-Approval: We evaluate your financial profile to determine your FHA eligibility and budget, providing a rock-solid pre-approval letter.
- Find a Home: As a dual-licensed real estate broker, we can help you find a home that meets FHA property guidelines.
- FHA Appraisal: An FHA-approved appraiser evaluates the home's value and ensures it meets minimum property standards (safety, security, and soundness).
- Underwriting: The loan goes through final review to ensure all FHA guidelines are met and we lock in your wholesale rate.
- Closing: Sign the paperwork and move in!
Is FHA Mortgage Insurance Required?
Yes, all FHA loans require two types of Mortgage Insurance Premiums (MIP):
1. Upfront MIP: A one-time fee (currently 1.75% of the loan amount) that is typically rolled into the loan balance.
2. Annual MIP: Paid monthly as part of your mortgage payment. For most borrowers putting down less than 10%, this premium remains for the life of the loan. If you put down 10% or more, it drops off after 11 years.