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An FHA loan is a mortgage loan backed by the government.  More specifically, it’s a home loan that is insured by the Federal Housing Administration, or FHA for short.

FHA home loans are very popular as a first time home buyer program and move-up buyers alike.  A benefit is that the credit score and down payment requirements are lower than many conventional loans.


FHA loans can benefit buyers of all kinds.  Whether you are a first time home buyer or have owned a home before, an FHA home loan can offer several advantages over conventional financing options.  For the first time home buyer with average credit scores, you may want to take advantage of the lower interest rates and lower private mortgage insurance (PMI) rates available with an FHA mortgage.  If you have owned a home before, you may want to take advantage of the more relaxed underwriting guidelines of an FHA loan.  This can be particularly helpful if you have credit issues or limited funds for a down payment.

  • Flexible underwriting guidelines
  • Lower down payment – only 3.5%
  • Gifts and Down Payment Assistance allowed
  • Minimum credit score of 580
  • Bankruptcy allowed over 2yrs
  • Foreclosure allowed over 3 yrs

Calculate your monthly payment using our calculator

FHA 203(b) - Purchase or Refinance

The 203b program is the most popular FHA purchase program.  It is also the program of choice for many first time home buyers.  This FHA home loan offers low down payment options if you are looking to purchase a home, and high loan-to-value ratios if you want to refinance your home.

FHA 203(k) Renovation - Purchase or Refinance

An FHA 203k loan, also called a Rehab Loan or FHA Construction loan, allows you to borrow funds to do just that – rehab or improve the property when you purchase or refinance it.  The big advantage of the FHA 203k loan is that all of the funds of are bundled into one single loan.

A common problem when buying a home is that it might need some work if it is old or has been sitting empty.  Many home buyers want to go ahead and update the property to make it feel more like theirs before moving in.  Or maybe you have been living in the home for years and have decided that it is time to refinance and take care of a few things.  A rehab loan could be your solution.  With this loan, you can borrow up to $35,000 for rehab or improvements for a purchase or refinance.

HUD $100 Down Program - Purchase

The HUD $100 down program is a standard FHA 203b loan, with a twist.

Instead of the minimum required 3.5% of the price down payment, this program for only a $100 down payment.

The twist is this program is limited to eligible properties. In order to use the HUD $100 down program, the property must be a HUD foreclosure or in other words, a HUD REO.

Search available HUD Homes here

FHA Cash Out Refinance

An FHA Cash Out Refinance allows borrowing up to 85% of the appraised value.  Th funds can be used to payoff high interest rate credit cards, medical bills, school expenses, or for any other reason.

FHA Streamline Refinance

An FHA Streamline Refinance is a special refinance loan available to any current FHA loan holder.  Its an FHA to FHA refinance that eliminates the need for a new appraisal or income qualifying.


The FHA has a maximum loan amount that it will insure, which is known as the FHA lending limit. These loan limits are calculated and updated annually, and are influenced by the conventional loan limits set by Fannie Mae and Freddie Mac. The type of home, such as single-family or duplex, can also affect these numbers.

Check the 2020 FHA maximum loan limit for your property here


FHA insures several different types of properties, including:

  • Single Family – Attached and Detached
  • Townhomes
  • Condominiums
  • Modular and Manufactured

Condominiums need to be an FHA Approved Condo.  Check the approval list here.

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