ACME Mortgage

FHA Loan

We offer a staff specialized in FHA loans, which translates to excellent advising and low rates

What Is an FHA Loan?

FHA loans are insured by the Federal Housing Administration. These loans typically offer more lenient debt ratio requirements, allowing borrowers to make a down payment as low as 3.5%. Additionally, the credit score needed for FHA loans is generally lower than that of conventional loans. However, despite the greater flexibility in requirements for FHA loans, borrowers must pay for mortgage insurance both at the outset and throughout the duration of the loan.

Top Four Reasons To Get An FHA Loan

580 Minimum Credit Score
Lower Down Payment
Easier Qualification
Low-Interest Rates

Requirements for Qualification

Required Credit

Standard loans usually permit credit scores starting at 620. In contrast, FHA loans accept credit scores down to 580, provided a down payment of 3.5% is made. There are also alternative FHA choices you can explore by consulting one of our Mortgage Advisors for further details.

Required Down Payment

As noted earlier, FHA loans generally necessitate a down payment of 3.5%. One of the advantages of FHA is that you can utilize monetary gifts from others to cover the down payment.

Needed Documents

A crucial step in obtaining a loan involves submitting documents to your Mortgage Consultant. When applying for an FHA loan, you need to present pay stubs, W-2 forms, tax returns, and bank statements.

Loan Conditions

Typically, FHA loans come as fixed-rate mortgages, with the standard duration being 30 years. However, alternative terms like a 15-year fixed-rate option may also be offered.

Free Pre-Approvals

Should you be in the market for a home, we are pleased to provide you with a complimentary “pre-approval,” which entails obtaining a credit report. Our pre-approval letters carry considerable weight and are greatly respected, thereby enhancing the strength of your offers in competitive scenarios. Sellers often hesitate to consider offers when the financing is uncertain, and no lender offers greater reassurance to sellers than we do.

Free Consultations

Should you be unprepared to purchase a home and are merely seeking information about down payments, monthly costs, credit concerns, the entire procedure, or any other related topics, we are more than willing to address any inquiries you may have. Likewise, if refinancing is on your mind, we are ready to assess and discuss all available options with you.