FHA Loans

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What are FHA Loans?

FHA loans, insured by the Federal Housing Administration, offer benefits like low down payments and flexible credit requirements, making them appealing to first-time homebuyers and those with less-than-perfect credit. These loans require mortgage insurance and have specific property standards, but offer advantages like lower loan limits and assumability.

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FHA Loan Requirements

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Minimum 580 Credit Score

A minimum credit score of 580 is required for FHA Loans.

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3.5% Down Payment

FHA loans require a down payment of at least 3.5%.

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3% - 6% in Closing Costs

You'll need 3-6% of the purchase price available for closing costs.

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Mortgage Insurance Premium (MIP)

An upfront mortgage insurance premium of only 1.75% of the base loan amount as well as month MIP is required.

Loan Benefits

Low Down Payment

You can move into your new home with a down payment as low as 3%.

Low Credit Score Requirements

You can get be approved for an FHA Loan with credit score of just 580 or higher.

Shorter Waiting Periods

You may qualify for an FHA loan sooner after a major event such as foreclosure, bankruptcy or missed payment.

Flexible Debt-To-Income Requirements

FHA loans have more flexible debt-to-income (DTI) requirements than some other loans.

Flexible Borrowing Options

With FHA loans, you have the options of a 15-year or 30-year term - with either a fixed or variable interest rate.

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"We are loyal to Derek Parent and his team"

Derek is always a pleasure to work with. I’ve known him for several years now and anyone that I know of that is looking to purchase a property I always refer them to Derek. He takes the time to answer questions and really cares about his clients. It’s nice that he stayed in touch with us long after we’ve purchased our properties going through him and his team.

— highrisecondoinvestor from Las Vegas, NV 89109

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