Fha loan bg img

FHA Loan

FHA Loan

Government Backed Loan

Low down payment, easy qualification guidelines and competitive interest rates FHA loans are available for people with credit scores of 580 or higher and down payments as low as 3.5%. This makes these loans more accessible than other mortgages.

Some Requirements:

What are the benefits of FHA loans?







I’m interested in the FHA Mortgage loan through Mortgage Fast

FHA Property Requirements

Frequently Ask Questions

Who FHA Loans Are Best For?

This loan is a great option for people whose credit scores are 580 and higher, and who have a 3.5% down payment. Read more about other benefits below.

How FHA Loans Work?

These loans are insured by the Federal Housing Administration (FHA).

The FHA protects lenders against defaults on payments. This makes it easier for you to qualify, and allows lenders to offer lower interest rates.

What You’ll Need To Qualify For An FHA Loan?

A minimum 3.5% down payment.
A minimum FICO® Score of 580.
A debt-to-income ratio (DTI) of no more than 50% and a steady employment history. Estimate your DTI by adding your monthly debt payments (such as credit card and car payments) and dividing the total by your monthly income before taxes.
Money to cover the upfront mortgage insurance premium (UFMIP). The amount is usually equal to 1.75% of your loan amount.
Money to cover closing costs, which could be anywhere from 2% – 6% of the purchase price.

What are the property requirements for FHA loans?

In order to use an FHA loan to buy a house, the property must meet the Department of Housing and Urban Development’s minimum property criteria. FHA loans are available for many different types of FHA-approved properties:
1-4 unit residential homes
Townhouses and condominiums
Mobile, manufactured and/or modular homes

Need help determining if your property qualifies for an FHA loan? Our Mortgage Fast loan officers offer no-obligation mortgage consultations and quotes.

What is the difference between an FHA loan and a conventional loan?

A conventional mortgage loan is originated in the private sector and is not insured by the government. This means that, unlike federally insured loans, conventional loans carry no guarantees for the lender if the borrower fails to repay the loan.
An FHA loan product is also originated in the private sector, however, it is insured by the government through the Federal Housing Administration. This insurance is designed to protect the lender, not the borrower. It means if the borrower defaults on the loan and their house isn’t worth enough to fully repay the debt through a foreclosure sale, the FHA will compensate the lender for the loss.
That security of the FHA comes at the cost of the borrower. With FHA loans, the buyer must pay a percentage of upfront mortgage insurance premium at closing, regardless of the down payment. Then, the buyer must make monthly mortgage insurance payments for the life of the FHA loan if the down payment is less than 10 percent.
Another important difference to note (as compared to conventional loans) is that FHA loans generally have smaller down-payment requirements and more flexible underwriting standards. As a result, an FHA loan may help individuals with less-than-perfect credit and less cash on hand qualify for a mortgage or refinance. However, it’s important to note that while the FHA may less strict qualifying standards, individual banks and lenders will always set their own FHA underwriting guidelines on top of those, known as lender overlays.

Finally, they can allow the home to go into foreclosure. The decision your heirs make will usually depend on how much equity is in the home. You shouldn’t take a reverse mortgage if leaving your home to your heirs is a high priority for you.