FHA Mortgage

FHA mortgage products are flexible. FHA mortgage products reflect the Government's commitment to expanding homeownership through reduced down payment requirements and relaxed underwriting. . Email FHA Mortgage questions.

FHA mortgage programs recognize several areas as high housing cost areas and have increased the maximum FHA mortgage amount to $362,790 increasing the numberof homes qualifying for FHA mortgage financing. FHA mortgage programs can often be the best choice.

Find the FHA mortgage limit in your county.

The FHA mortgage program is an excellent choice for many buyers because the program requires only 3% cash (which may be a gift) and is more forgiving of past credit issues. We look at the last two years of credit history. FHA mortgage products allow overcoming credit issues with sufficient explanations and supporting documents. Never rule yourself out of an FHA mortgage because of credit. More information on FHA mortgage credit requirements is available

This page is focused on using FHA mortgage programs to purchase a home. If you are refinancing an existing FHA or VA loan please go to my refinance center.

There are some credit issues that we must have time to pass before you can qualify for an FHA mortgage. They are:

Two years from the date of discharge for a bankruptcy
Three years from the date of foreclosure

FHA mortgage products require any outstanding collection accounts be paid before closing. If you have had some credit difficulties in the past, FHA compensating factors may get your loan approved.

ADVANTAGES OF an FHA Mortgage

Lower down payment
They are assumable with a qualified borrower
Higher qualifying ratios of 29% for housing and 41% for total indebtedness on existing construction
Gift funds for down payment and closing costs are allowed
Up-front Mortgage Insurance Premium can be financed
Seller allowed to pay prepaid expenses
Seller can contribute up to 6% of purchase price toward closing cost and discount points
Charges on conventional loans such as tax service fees, underwriting fees, copy & courier fees are not allowed to be charged to you. Lower closing costs!
Their no cost streamline refinance you can lower your payment at NO COST to you. Usually, closings can occur within 2-3 weeks.
The ARM has the best features on the market with a 1% annual interest rate cap and a 5% lifetime cap.

For more information go to the FHA Streamline Refinance page.

I have included a page on how to calculate your qualification ratios.

I have included a page on documentation requirements.

Learn more about improving your credit scores