(503) 568-6899 jad@nwfgi.com

FHA Loans

An FHA (Federal Housing Administration) loan is a loan insured against default by the FHA. In other words, the FHA guarantees that a lender won’t have to write off a loan if the borrower defaults – the FHA will pay. 

FHA loans are not for everybody. Nevertheless, they are a great help to some borrowers. 

FHA loans allow people to buy a home with a down payment as small as 3.5%. Other loans might not allow such a low down payment. 

 

Who can get an FHA Loan?

Almost anybody can get an FHA loan. There are no income limits. However, there are limits on how much you can borrow. In general, you’re limited to median home prices in your area. To find the limits in your region, visit HUD’s Website. To qualify for an FHA loan, you’ll need to have reasonable debt to income ratios. You don’t need perfect credit but you will need to have a credit score of at least 620.

FHA loans offer a few other bells and whistles:

  • 3.5% down payment required on purchase
  • Easier to use gifts for down payment and closing costs
  • No prepayment penalty
  • Financing for home improvement using FHA 203k programs

Let’s Find Your Ideal Home Loan

Let’s get to know one another. Complete the form below, or just give me a call to schedule a time to talk or get together.

I’ll learn as much as I can about your current and future financial situation, goals, and aspirations. Then, I’ll guide you through the mortgage lending process and find the right mortgage for your purchase, all tailored to you.

Contact Me

Northwest Mortgage Broker

Visit

12411 SE 2nd Circle
Vancouver, WA 98684

Call

(503) 568-6899

Email

jad@nwfgi.com

Northwest Mortgage Broker

As your Northwest Mortgage Broker, I eliminate barriers to home ownership for first-time home buyers, homeowners looking to upgrade, individual property investors, and owners interested in improving their financial position by refinancing their home.

Licensing

Individual NMLS # 1025363
Company NMLS # 101770

    

© Northwest Mortgage Broker, 2019