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FHA Loan

An FHA mortgage is a popular option with first-time homebuyers. It was created to help potential homebuyers purchase a home of their own by providing a lower down payment option and flexible underwriting criteria. 

What you need to know about FHA loans

You can use an FHA loan to purchase a new home with a down payment as little as 3.5%. The Federal Housing Administration (FHA) insures FHA home loans. Because of that, FHA-approved lenders can offer these more flexible loans because borrowers using an FHA loan pay mortgage insurance (MI), which protects the lender in case the borrower defaults.

An FHA loan has less strict qualifying criteria and credit requirements compared to a conventional loan. The minimum credit score depends on a variety of factors, so be sure to check with your Certainty Loan Officer. The FHA mortgage was originally created for first-time homebuyers, but it is now open to a much wider audience. Under FHA guidelines, if you have not owned a primary residence for at least three years you may qualify as a first-time homebuyer!
 

* Certainty Home Loans is an FHA Approved Lending Institution and is not acting on behalf of or at the direction of HUD/FHA or the Federal government.

 

Finance Your Home with Confidence Guide

Buying your dream home is possible! And with Certainty Home Loans by your side, you can navigate the mortgage process with confidence. This guide is to help you navigate your financing journey and help you know what to expect every step of the way.

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Flexible qualifying guidelines with lower credit score requirements

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Fixed and adjustable rate terms available

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Down payment as low as 3.5%

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Down payments can be paid with gift funds

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Common FHA questions, answered.

Now an agency within HUD, the Federal Housing Administration was established in 1934 to advance opportunities for Americans to own homes. By providing private lenders with mortgage insurance, the FHA gives them the security they need to lend to first-time buyers who might not be able to qualify for conventional loans.  With the FHA, you do not need perfect credit or a high-paying job to qualify for a home loan. There is no minimum income requirement; however, you must prove steady income for at least three years and demonstrate that you have consistently paid your bills on time. The FHA makes loans more accessible by requiring smaller down payments than conventional loans. In fact, an FHA down payment could be as little as a few months rent – a minimum of 3.5% of the purchase price. However, gift funds can be used for your down payment and closing costs.  Anyone who meets the credit requirements, who can afford the mortgage payments and closing costs, and who plans to use the mortgaged property as a primary residence can apply. The FHA does have loan limits which vary throughout the country. View the FHA loan limits for the city where you want to purchase.
Yes. Lenders now offer several affordable mortgage options, which can help first-time homebuyers overcome obstacles that may have made purchasing a home difficult in the past. Lenders may now be able to help borrowers who do not have a lot of money saved for the down payment and closing costs, have no or a poor credit history, have quite a bit of long-term debt, or who have experienced income irregularities.
Good news, graduates! Homeownership is within your reach. There are many loan options out there aimed at helping you purchase a home of your own. And although many people believe that they need 20% down to buy a house, that's simply not the case. FHA financing allows down payments as low as 3.5%, and there are many other products out there that you may qualify for. 

A good place to start is speaking with a local Loan Officer and getting pre-qualified to discover what you an expect to be approved for.
A down payment with an FHA home loan is as low as 3.5%. If you’re not sure if you can qualify for a mortgage, speaking to a Certainty Home Loans Loan Officer who specializes in FHA financing is a great place to start. Get pre-qualified now and we’ll review your current financial situation and credit score to help you find the best option for you.
An FHA loan has less strict qualifying criteria and credit requirements compared to Conventional financing because it is insured by the government. The minimum credit score depends on a variety of factors, so be sure to check with your Certainty Loan Officer. The FHA mortgage was originally created for first-time homebuyers, but it is now open to a much wider audience. Under FHA guidelines, if you have not owned a primary residence for at least three years you may qualify as a first-time homebuyer!
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