Buy your dream home with just 3.5% down
Our FHA-certified loan experts will make your loan experience smooth and stress-free
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What is an FHA Loan?
An FHA loan is a mortgage insured by the Federal Housing Administration, allowing buyers to secure a loan with as little as 3.5% down. It offers more flexible terms, making homeownership accessible, especially for first-time buyers.
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Do you qualify for an FHA Loan?
Understanding FHA loan requirements is your first step toward homeownership.
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Property requirements
You need to purchase a property that will be your primary residence. The property must meet FHA minimum property standards and pass an inspection by an FHA-approved appraiser.
Credit requirements
You can qualify for an FHA loan with a credit score as low as 580 for a 3.5% down payment. If your score is between 500-579, you may still qualify with a 10% down payment.
Financial requirements
Most FHA loans require a debt-to-income ratio under 43%, though some approvals go as high as 50% depending on your full financial picture.
FHA Loan benefits
FHA loans offer unprecedented flexibility that make homeownership accessible to many Americans who might otherwise struggle to qualify.
Low down payment requirement of just 3.5%
Flexible credit requirements
Government-backed security
First-time buyer friendly
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From the start working with them has been quick and easy. They are very knowledgeable when it comes to VA loans.
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I have never worked with anybody that did a VA loan as quick as you, I will tell everybody about you. Fantastic job thank you.
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Many people told us we couldn’t by a house but be my neighbor (now reAlpha Mortgage) made it happen. If you want to use your VA loan this is definitely the team you should work with!!! We are truly greatfull!!!
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Despite all the set backs and ridiculous circumstance outside of BMN (now reAlpha Mortgage), we had the BEST experience with this brokerage!
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I appreciate the work and time the team at Be My Neighbor (now reAlpha Mortgage) put in. We are so happy with our new home, and we look forward to enjoying Sunny Florida!
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The loan experts you deserve
Expert FHA mortgage specialists with extensive training and years of experience. We simplify the process for first-time buyers and unique financial situations, ensuring you get the right loan.
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FAQ’s
Find answers to common questions about FHA loan and the application process.
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What is an FHA loan?
An FHA loan is a mortgage loan insured by the Federal Housing Administration (FHA), which is part of the U.S. Department of Housing and Urban Development (HUD). It helps homebuyers with lower credit scores and smaller down payments become homeowners by offering more flexible qualification requirements and government backing.
Who is eligible for an FHA loan?
FHA loans are available to a wide range of borrowers, including first-time homebuyers, repeat buyers, and those who may have less-than-perfect credit. The primary requirements include meeting certain income and credit score criteria, as well as a minimum down payment.
What is the down payment requirement for an FHA loan?
An FHA loan typically requires a down payment of just 3.5%, which makes it an attractive option for borrowers who may not have enough funds for a larger traditional down payment.
Do I need private mortgage insurance (PMI) with an FHA loan?
Yes, FHA loans require mortgage insurance, which is not private. You’ll pay 1.75% upfront and about 0.55% yearly, added to your monthly payment.
What are the benefits of an FHA loan?
FHA loans offer a lower down payment requirement (3.5%), more flexible credit score guidelines, and are often easier to qualify for compared to conventional loans, making them an excellent choice for first-time homebuyers or those with less-than-perfect credit.
Can I refinance with an FHA loan?
Yes, FHA loans can be used for refinancing. The FHA Streamline Refinance program, for example, allows homeowners to refinance their current FHA loan with minimal paperwork and no appraisal requirement.
What types of FHA loans are available?
FHA loans are available in both fixed-rate and adjustable-rate mortgage (ARM) options. Fixed-rate options are available in terms of 15, 20, and 30 years, and ARMs can offer lower initial rates with the possibility of future rate adjustments.
Are there limits on how much I can borrow with an FHA loan?
Yes, there are limits on how much you can borrow with an FHA loan, which vary by location and are determined by the county where the property is located. These limits are designed to ensure that FHA loans are used for affordable homes.
What types of properties can I buy with an FHA loan?
FHA loans can be used to purchase single-family homes, multi-unit properties (up to four units), and approved condominiums. The property must be your primary residence and meet specific FHA guidelines.
