What is An FHA Loan?

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FHA loans are mortgages issued through the Federal Housing Authority (FHA) to help people who have imperfect credit scores or who do not want to provide a large down payment. Not everyone qualifies so please read the FHA loan requirements below. If you have any questions, give us a call or open up a chat. One of our mortgage experts will gladly explain the ins & outs of FHA loans. AmeriSave offers competitively low FHA rates with no loan origination fees. See if you pre-qualify for an FHA loan in just a few minutes!

Key Benefits of an FHA Loan

  • Great for first time home buyers
  • Lower credit scores allowed
  • Down payments as low as 3.5%
  • Higher debt-to-income ratios allowed
  • Typically lower interest rates than other loan types
  • FHA loans allow sellers to contribute up to 6% to cover closing costs

FHA Loan Requirements

  • A 600 minimum credit score is needed for consideration. Loans over $700,000 will require at least a 640 score.
  • A minimum down payment of 3.5% is required.
  • Mortgage loan limits are 115% of your area’s median home price according to HUD – Check Loan Limit
  • An appraisal by a HUD-approved appraiser is required.
  • Mortgage insurance is required.
  • Property must be your primary residence.
Questions About FHA Loans? Ask a Mortgage Expert.
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30 Year FHA

Fixed payment, lower down payment requirements and flexible credit guidelines.

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20+

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49

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Billion in Loan Volume

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