FHA Loans on the Cheap!

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The Lowdown on FHA Loans...

Our FHA Loan Rates Are Low & Our Process is Quick & Painless

An FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA). Essentially, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments.

The FHA program was created in response to the rash of foreclosures and defaults that happened in 1930s; to provide mortgage lenders with adequate insurance; and to help stimulate the housing market by making loans accessible and affordable.

We’re here to make the FHA home loan process a whole lot easier, with tools and expertise that will help guide you along the way, starting with our FREE FHA Loan Qualifier.

We’ll help you clearly see differences between loan programs, allowing you to choose the right one for you whether you’re a first-time home buyer or a seasoned investor.

The FHA Loan Process

Here’s how our home loan process works:

Complete our simple FHA Loan Qualifier
Receive options based on your unique criteria and scenario
Compare mortgage interest rates and terms
Choose the offer that best fits your needs

Why an FHA Loan?

Typically an FHA loan is one of the easiest types of mortgage loans to qualify for because it requires a low down payment and you can have less-than-perfect credit. An FHA down payment of 3.5% is required. Borrowers who cannot afford a traditional down payment of 20% or can’t get approved for private mortgage insurance should look into FHA loans.

FHA Loan Qualifier!

Fixed Rates
Adjustable Rate Mortgage (ARM)
3.5% Down Payments
Jumbo & Super Jumbo Loans
Terms from 5 to 30 Years

FHA Loan FAQs

What is an FHA loan?

An FHA loan is a mortgage insured by the Federal Housing Administration. It is designed to help borrowers with lower credit scores or smaller down payments qualify for home financing.

What credit score do I need for an FHA loan?

Many lenders look for a credit score of at least 580 to qualify for the 3.5% minimum down payment. Scores between 500 and 579 may still qualify with a 10% down payment. Exact requirements vary by lender.

How much is the down payment on an FHA loan?

FHA loans require as little as 3.5% down for eligible borrowers, making them one of the lowest down-payment options available.

Do FHA loans require mortgage insurance?

Yes. FHA loans include an upfront mortgage insurance premium (MIP) plus an annual MIP paid monthly, which protects the lender and allows the low down payment.

Can I use an FHA loan to refinance?

Yes. FHA offers refinance options, including the FHA Streamline Refinance, which can simplify lowering your rate for existing FHA borrowers. Contact United Mortgage Corporation of America to see what you qualify for.