Federal Housing Administration (FHA) Loans
What is an FHA Loan?
FHA Loans are government-backed loans that are ideal for first-time homebuyers who have limited savings for a down payment and less than perfect credit.
This means you can buy a home even if you have limited resources, making these types of loans some of the most popular among first-time buyers.
As an established FHA loan lender, our team here at Security First Financial will help you take the necessary steps to finance and move into your dream home...
What are the Requirements for an FHA Loan?
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Down payments as low as 3.5%
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Credit scores as low as 580
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Intend to use the property as your primary residence
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Steady income history or you've at least worked for the same employer for the past two years
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Must have a valid Social Security number & be a lawful U.S. resident
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Have an appraisal performed on the property by an approved appraiser
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Mortgage Insurance is required upfront (financed into the loan or paid in cash) and annually (paid monthly as part of the mortgage payment)
FHA Loan Highlights
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Down payment can be gifted from a relative, borrowed from an eligible 401K, or provided through an approved state or local program (learn more about down payment assistance programs)
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The seller can contribute up to 6% of the purchase price towards closing costs
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Co-signers are allowed but must be eligible borrowers
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FHA loan limits vary by county. Check your area!
Our team is here to answer any questions you have.
We can help you understand more about:
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Loan Programs
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Current Rates
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The loan process
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What you'll need for your application
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What to expect after you complete your application
Apply for an FHA Loan Online
At Security First Financial, we’re dedicated to ensuring that each customer has a great experience. Our local home loan originators have decades of combined experience in the mortgage industry and can help you find the right mortgage based on your needs. We are happy to answer any questions you may have along the way to make sure your mortgage loan process is a good one from start to finish. Contact Us Today To Get Started