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FHA Loan     

FHA Loans: The Path to Homeownership Made Simple

Lower Credit? Smaller Down Payment? No Problem.

At LoanHouse, we believe that everyone deserves a place to call home. If you’ve been told "no" by traditional lenders due to a lower credit score or a lack of a massive down payment, an FHA Loan might be your perfect "yes."

Insured by the Federal Housing Administration, these loans are designed to help moderate-to-low-income earners and first-time buyers achieve the American Dream with flexible guidelines and industry-leading rates.

Why an FHA Loan is the Right Move

FHA loans are one of the most popular mortgage options in the country because they prioritize the buyer’s future over their financial past.

  • Low Down Payment: Buy a home with as little as 3.5% down.

  • Flexible Credit Standards: We can often help borrowers with credit scores as low as 580.

  • Gift Funds Allowed: Your entire down payment can be a gift from a family member or an employer.

  • Seller Concessions: FHA rules allow the seller to pay up to 6% of the purchase price toward your closing costs.

  • Assumable Loans: If you sell your home later, the buyer can "assume" your low interest rate—a huge selling point in a rising rate market!

FHA Loan Requirements

Feature FHA Details
Minimum Down Payment 3.5%
Minimum Credit Score 580 (some cases 500-579 with 10% down)
Property Types Single Family, 2-4 Units, Condos, Manufactured Homes
Occupancy Must be your Primary Residence
Debt-to-Income (DTI) Often allowed up to 50% or higher
Mortgage Insurance Required (Upfront and Annual MIP)

FHA vs. Conventional: Which is for you?

Feature FHA Loan Conventional Loan
Best For First-time buyers / Lower credit Higher credit / Higher down payment
Min. Down Payment 3.5% 3% (for some) or 5%+
Credit Score 580+ 620+
Insurance Always required Can be removed at 20% equity

Frequently Asked Questions

Do I have to be a first-time homebuyer to get an FHA loan?

No! While FHA loans are very popular with first-time buyers, anyone can use an FHA loan as long as the property will be their primary residence.

Can I buy a multi-unit property with an FHA loan?

Yes! You can buy a 2, 3, or 4-unit property with just 3.5% down, provided you live in one of the units. This is a popular strategy known as "House Hacking."

What is Mortgage Insurance (MIP)?

Because FHA loans allow for lower down payments, the FHA requires Mortgage Insurance Premiums to protect the lender. This includes an upfront fee (usually rolled into the loan) and a monthly payment.

Are there limits on how much I can borrow?

Yes. FHA loan limits vary by county. Our team at LoanHouse can quickly tell you the specific limit for the area where you are shopping.

Take the First Step Toward Your New Front Door.

Your dream home is closer than you think. Let our FHA specialists at LoanHouse run the numbers and find a monthly payment that fits your budget.