FHA loans
FHA loans are insured by the Federal Housing Administration. They can offer more flexible credit guidelines and a lower down payment option than many conventional loans, in exchange for mortgage insurance.
Who an FHA loan may fit
- First-time and repeat buyers; FHA isn’t only for first-time buyers
- Borrowers whose credit history is still building or has had setbacks
- Buyers who want a lower down payment option
- Homes you’ll live in as your primary residence
Minimum credit score and down payment requirements are set by FHA and by individual lenders, and they can change. We’ll confirm current requirements for your situation.
Costs and tradeoffs
Mortgage insurance
FHA loans include an upfront mortgage insurance premium and an annual premium paid monthly. Depending on your down payment, it may last for the life of the loan unless you refinance.
Loan limits and property standards
FHA loan limits vary by county, and the home must meet FHA property standards during the appraisal.
FHA refinance
If you already have an FHA loan, an FHA Streamline Refinance may lower your rate with reduced documentation. FHA cash-out refinances are also available to eligible homeowners. Refinance options
About Clarke Capital
Clarke Capital is a licensed mortgage brokerage. We are not a government agency and are not affiliated with or endorsed by HUD or the FHA.
Let’s talk about your next step.
Whether you’re ready to apply or just starting to ask questions, a quick conversation can clarify your options.
Call (602) 800-9916 or email curtis@clarke-cap.com
