FHA Loans
What is an FHA Loan?
FHA loans are mortgages insured by the Federal Housing Administration, a federal agency within the Department of Housing and Urban Development. Because FHA loans are government-assisted and insured, they are more accessible for borrowers (compared to conventional loans).
Why Choose an FHA Loan?
An FHA loan is a great option if you want to put less money down, don’t have enough savings built up for a conventional loan requirement of 20% down, or have a lower credit score. It’s important to note that while FHA loans require borrowers to pay for mortgage insurance (since they’re government-backed), they serve to provide homeownership opportunities for many home buyers who don't qualify for conventional financing!
FHA Loans Make Homeownership Achievable:
- Low down payment requirement (as low as 3.5%)
- Flexibility on debt-to-income ratio
- Qualify with less-than-perfect credit
- Down payment funds from family/friends allowed
- Purchase or refinance loan options available
Apply for an FHA Loan Today!
Apply for an FHA Loan Today!
How to qualify for an FHA loan:
Some requirements for an FHA loan are:
- Credit score that meets the lender’s minimum requirement
- A solid payment history
- No derogatory credit event in the last 2-3 years
- A debt-to-income ratio of 43% or less
- Steady income
- Proof of employment history
Find out what you can afford.
Try our suite of calculators and tools to get a better understanding of how your finances impact your options.
Explore different types of loans.
Why Newrez?
Newrez believes the lending business shouldn't just be about home loans - it should be about homeowners. That's why our employees get to know our customer's real needs, through final closing, and beyond.