FHA Loan Program

All information on this page is for educational purposes only. These are not commitments to lend. All programs are subject to credit approval. Additional restrictions apply. Call for Details.

The Federal Housing Administration was established in 1934 when the nation was in the Great Depression to help potential homebuyers because terms made it particularly difficult.

Imagine having to put 50% down, make payments for three years, and then have a balloon payment at the end! Naturally, only about 1 in 10 Americans owned a home. Source

The FHA does not loan money, it insures it through FHA approved lenders. Because lenders have less risk, they can offer better rates and terms on these type of loans.Your Mortgage Heroes offers FHA programs through various FHA approved lenders at amazing rates! We offer Purchase Loans, Refinances, and even Renovation loans!

FHA Loans

The FHA only insures primary homes. This means, typically buyers can only have one FHA loan at a time. However, there are circumstances in which the FHA will allow someone to finance a new primary home without cancelling out the first FHA loan. For qualification requirements for an FHA loan, refer to the HUD 4001.1 Handbook. Here are the big points to know:

  • Buyers must put at least 3.5% down with a 580 credit score or higher and put 10% down with a credit score between 500 and 579.
  • FHA does not have a minimum FICO requirement, but lenders do set their own. While most lenders require a 620 and up, the Lincoln Lending Team lets you go as low as a 500 FICO!
  • Mortgage Insurance is for the life of the loan, unless you put down 10% or more, then it’s only for 11 years.

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HUD/Government Programs Disclosure

These materials are not from HUD, FHA, the USDA, or the VA. These materials were not approved by any government agency. They are independent of any government agency. We are not in any way affiliated with any organization listed or referenced within this website, including HUD/FHA/USDA/VA. The inclusion of various education, information, web links, or materials are not an endorsement of the Sender or any of its employees or business partners.

For information directly from HUD/FHA, visit http://www.hudclips.com

For information directly from the VA, visit http://www.benefits.va.gov/HOMELOANS/For information directly from the USDA, visit http://www.usda.gov/wps/portal/usda/usdahome?navid=GRANTS_LOANS