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FHA Lender

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Refinance Purchase

FHA Lenders

An FHA loan usually requires the lowest down payment when purchasing a home, only 3.5% of the sales price. It also allows for lower scores than conventional loans, usually down to a 580. You may be able to roll your closing costs in to your loan. The home must be the borrower's primary residence. FHA is often the best loan program for first time home buyers. If you already have an FHA loan, you can refinance with FHA Streamline to lower your interest rate.

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Are you considering using an FHA home loan to purchase a home but aren’t sure how to find FHA lenders? The Federal Housing Administration doesn’t lend money on FHA mortgage loans, they simply guarantee your loan against default by requiring you to purchase mortgage insurance. FHA lenders are the same banks and mortgage lenders you would go to for a traditional home loan. Here are several tips to help you find the best FHA lenders for your next mortgage loan.

FHA Home Loan Basics

The requirements for getting an FHA home loan aren’t that different from what lenders offer for conventional home loans. The difference is that they allow borrowers who may have had credit challenges in the past to qualify with very little down payment due to relaxed program requirements.

The minimum credit score required to qualify for an FHA home loan is 500. You won’t get the best interest rate with a credit score this low and you will be required to provide a larger down payment; however, you can be approved for a home loan.

You can get a better interest rate and pay less by cleaning up your credit history before applying. Requesting free copies of your credit reports each year and carefully reviewing them for errors could get you the boost in your score that you need. The interest rate you receive is extremely important because you will be required to purchase mortgage insurance on the loan which results in a higher payment amount.

The down payment you will be required to pay is also based on your credit score. If you have a credit score less than 580 you will be required to put 10 percent down at closing. Improving your credit score by paying down the balances on your credit cards and avoiding late payments will reduce your down payment requirement to 3.5 percent if you can get your credit score over 580.

Finally, the FHA requires that property being financed be owner occupied, and your primary residence. You cannot use FHA home loans to purchase investment properties. 

Comparison Shop Lenders for a Better Deal

The Department of Housing and Urban Development (HUD) recently stated that comparison shopping 3 quotes saves the average homeowner $3,000 over the life of a home loan.  

This is also true of FHA home loans. Just because the government backs your mortgage doesn’t mean they are making sure you’re getting a good deal. If you don’t have the time or energy to do the legwork yourself you can enlist the help of a mortgage broker to find a better deal for you. Brokers have experience and access to a variety of lenders you might not find on your own.

Are you overwhelmed by the thought of comparison shopping for lower interest rate and fees? Dedicated loan representatives are standing by to help you find the best FHA home loan to meet your financial goals. Contact us today and we’ll help you on the path to homeownership with the right FHA loan.

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