What is an FHA Mortgage

An FHA Mortgage is a mortgage that is insured by the Federal Housing Administration (FHA).The FHA Mortgage has traditionally been utilized by First Time Home Buyers, but has recently been used by many types of home buyers because of low FHA Down Payment Requirements and flexible underwriting standards.To obtain an FHA Mortgage, you must have at least a 620 credit score, a stable job in the same industry for at least 2 years, a 3.5% down payment (FHA Gift is acceptable), and a 12 month rental or mortgage pay history with no late payments.  Some lenders will be flexible in one or more of these categories, but you must be extremely strong in the other categories in order to offset a weakness in one area.

Single family homes, condos, townhomes, and even 2-4 unit properties can all be financed with an FHA Mortgage, but you must plan to occupy the home as your primary residence.

To get started with your FHA Mortgage, simply select the scenario that best suits your needs: