Your Path to Homeownership: FHA Mortgage Solutions

  • FHA 203(k) Renovation Loan

    FHA 203(k) Renovation Loan

    With the FHA 203k Home Improvement Loan, you can finance home upgrades and your mortgage in one loan. Whether you're buying a fixer-upper or modernizing your current home, FHA's flexible credit and employment history requirements make it easy to renovate and create your dream home!

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  • FHA One-Time Close Construction Mortgage

    FHA One-Time Close Construction

    Take advantage of lenient FHA qualifications and build your dream home with a single loan that finances the lot purchase, construction, and long-term mortgage. The FHA One-Time Close Construction Loan offers one appraisal, one set of closing costs, and flexible guidelines for debt-to-income, work history, and credit. With a minimum down payment of 3.5% for qualified borrowers, land equity can cover the down payment if you own the lot. Only one credit qualification is needed, with interest-only payments during construction. Rates are locked in before closing, and final terms convert to long-term financing once construction is complete. This program is for primary residences only.

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  • FHA 203(b) Purchase Mortgage

    FHA 203(b) Home Loan

    The FHA 203(b) home loan is a government-backed mortgage designed to help individuals purchase or refinance a primary residence with lower down payments and flexible credit requirements. This loan is ideal for first-time homebuyers, individuals with limited savings, or those with less-than-perfect credit. It offers competitive interest rates and requires a minimum down payment of just 3.5%. The FHA 203(b) loan makes homeownership more accessible by allowing borrowers to finance their homes with less stringent qualifications compared to conventional loans.

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FHA Mortgages: Your Path to Homeownership

Understanding FHA Mortgages and Qualification Requirements

FHA mortgages are designed to make homeownership accessible to a wider range of people, particularly first-time homebuyers. These loans are insured by the Federal Housing Administration (FHA) and offer flexible qualification requirements, making them an attractive option for many borrowers.

To qualify for an FHA mortgage, you need to meet specific criteria regarding credit score, down payment, debt-to-income ratio, and employment history. Additionally, the home you intend to purchase must meet FHA property standards and be your primary residence. Mortgage insurance is required for all FHA loans to protect the lender in case of default.

By meeting these requirements, you can take advantage of the benefits offered by FHA loans, including lower down payment options and more lenient credit score requirements. This makes FHA mortgages a great choice for those looking to achieve their dream of homeownership with more favorable terms.

Credit Score:

  • Minimum 500 with a 10% down payment.

  • Minimum 580 with a 3.5% down payment.

  • Note: Lenders may offer more flexibility with credit scores.

Down Payment:

  • 3.5% for credit scores of 580 and higher.

  • 10% for credit scores between 500–579.

Debt-to-Income Ratio (DTI):

  • Maximum of 43%.

  • Some lenders may approve higher DTIs.

Mortgage Insurance:

  • All FHA loans require mortgage insurance (Mortgage Insurance Premium or MIP).

Occupancy:

  • The home must be your primary residence.

FHA Inspection and Appraisal:

  • The home must pass an FHA inspection and appraisal to ensure it meets the FHA's minimum property standards and to establish its market value.

Employment History:

  • You must provide a full two-year work history to the lender.

*Other requirements and qualifications may apply. For more information on FHA mortgages and to see if you qualify, call, text or email Angie Anderson MLO. aanderson@onetrusthomeloans.com or 616-581-6123