FHA Loan

Our Loan Officers understand the benefits of FHA loans

What Is An FHA Loan?

FHA loans are insured by the Federal Housing Administration.  Often, FHA loans are more lenient when it comes to debt ratios and borrowers can put as little as 3.5% down. FHA loans also require a lower credit score than conventional loans. While FHA loan requirements are more flexible, borrowers are required to obtain up-front mortgage insurance and maintain it for the life of the loan.

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Top four reasons
to get an FHA loan

FHA loans are perfect for a borrower who doesn't perfectly fit into the conventional loan criteria. Here are the top four reasons why:

Smaller Down Payment

You can apply for an FHA loan with as little as 3.5% down and the money for your down payment does not have to be your own.

Flexible Credit Guidelines

Since FHA underwriting guidelines are more flexible, you can be approved for an FHA loan with a lower credit score.

Ability to Transfer

FHA loans are assumable, which means a qualified buyer may apply to assume your loan.

Low Interest Rates

FHA loans tend to have lower interest rates than conventional loans for those with a lower credit score.

FHA Loan Qualification Requirements

In order to qualify for an FHA loan, you will need:

Reasonable Credit

FHA rates are generally lower than conventional loans for credit scores under 680. The lowest credit score FHA will permit with the minimum down payment of 3.5% is a 580.

A Down Payment

An FHA loan requires a minimum down payment of 3.5%. FHA loans allow your down payment to be a gift from a family member or down payment assistance funds.

Documented Income

In order to qualify for an FHA Loan you must prove your income. You will need to provide your Mortgage Consultant with pay stubs, W-2s, and, in certain situations, tax returns

Other Qualification Requirements

FHA loans can only be obtained on your primary residence. Since an FHA loan is a government insured loan, you also may not have any delinquent federal debt, such as unpaid taxes or student loans.

A Customized Loan

for Your Life Path

At AMC, we believe in personalized banking. We use state of the art technology to make sure that you are advised, included, and supported through every step of the loan process. Most importantly, we take the time to know you and craft products that are tailored to you and your individual life path.

We Want To Hear From You – Apply Now To Connect With A Mortgage Consultant And Receive A Rate Quote That Fits Your Life Path.
Alameda Mortgage Corporation, NMLS #271603, Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act.