A government-insured home loan
FHA-insured loans may offer flexible qualifying options and a lower down payment for eligible borrowers. FHA insurance protects the lender if a borrower defaults; it does not remove the borrower’s obligation to repay the loan.
Mortgage insurance and other costs
FHA mortgage insurance is different from conventional private mortgage insurance (PMI). Most FHA forward mortgages include an upfront mortgage insurance premium and an annual premium collected in monthly installments. Applicable premiums and their duration depend on the loan and current program rules. Financing an upfront premium increases the loan balance and borrowing cost.
Eligibility
Credit, income, debt, property, occupancy, down-payment, and documentation requirements apply. A lower down payment is not a guarantee of approval. Ask your Loan Officer for the requirements and complete costs of the specific FHA program available to you.
First Rate Home Loans, LLC is not affiliated with or acting on behalf of FHA, VA, USDA, or the federal government.
Discuss your options
A Loan Officer can explain product availability, eligibility, and costs for your situation. Find your Loan Officer.