FHA HOME LOANS
A FLEXIBLE
PATH TO
HOMEOWNERSHIP
A FLEXIBLE PATH TO HOMEOWNERSHIP
An FHA loan may offer a more flexible path to financing a home for eligible borrowers. Whether you're buying your first home or simply exploring alternatives to conventional financing, we'll help you understand how FHA works and whether it may fit your situation.
More Options. Personal Guidance. Confident Decisions.
FHA LOANS, EXPLAINED
What Is An FHA Loan?
FHA isn't just a “first-time buyer loan.” The better question is whether its features make sense for your situation.
An FHA loan is a mortgage made by an approved lender and insured by the Federal Housing Administration, or FHA.
Because FHA insures the mortgage against certain losses, participating lenders may be able to offer financing with qualification guidelines that differ from conventional loans.
FHA financing is commonly associated with first-time homebuyers, but you generally don't have to be a first-time buyer to use an FHA loan.
Like other mortgage programs, FHA loans have requirements involving the borrower, property, mortgage insurance, and other factors. That's why it's important to look at FHA alongside your other available options rather than assuming it's automatically the right, or wrong, loan for you.
THE BIG PICTURE
Who Might Consider an FHA Loan?
DOWN-PAYMENT OPTIONS
FHA financing can offer eligible borrowers a relatively low down-payment option, depending on qualification and current program requirements.
MORTGAGE INSURANCE
FHA loans generally include mortgage insurance. Understanding how that insurance affects both your upfront and ongoing costs is an important part of comparing FHA with other options.
PRIMARY RESIDENCE
FHA financing is generally intended for a home you plan to occupy as your primary residence rather than a traditional investment property.
UNDERSTANDING YOUR OPTIONS
How Does FHA vs. Conventional Compare?
QUESTIONS ABOUT [PROGRAM NAME]?
Understanding the Key Features
is fha worth exploring
FHA loans generally include mortgage insurance. Understanding how that insurance affects both your upfront and ongoing costs is an important part of comparing FHA with other options.
First-Time Homebuyers
BUYERS WITH LIMITED FUNDS AVAILABLE
FHA may provide options for eligible buyers who are working with a smaller amount of money available for a down payment.
FHA guidelines may provide additional flexibility for some borrowers compared with certain conventional financing options.
BORROWERS EXPLORING FLEXIBLE QUALIFICATION
Depending on the circumstances, FHA financing may be worth exploring for borrowers whose financial history doesn't fit neatly into some conventional loan guidelines..
BUYERS REBUILDING THEIR FINANCIAL PROFILE
LOOK AT THE WHOLE PICTURE
FHA Has Advantages and Tradeoffs.
A loan program shouldn't be judged by one feature alone. Before choosing FHA, it's important to understand how the entire mortgage fits your circumstances.
MORTGAGE INSURANCE
Mortgage insurance is an important part of FHA financing and can affect both the initial cost of the loan and your monthly payment.
PROPERTY REQUIREMENTS
The property must meet applicable FHA requirements, and certain property conditions may need to be addressed as part of the financing process.
YOUR OTHER OPTIONS
Depending on your qualifications and goals, conventional or another mortgage program may also be worth considering. Comparing the overall costs and features can help you make a better-informed decision.
The question isn't “Is FHA a good loan?” It's “Is FHA a good loan for you?”
Disclaimer: These examples are for educational purposes and do not determine eligibility. FHA financing is subject to borrower eligibility, property requirements, FHA guidelines, lender requirements, and other applicable conditions.
FHA and conventional financing can both provide paths to homeownership, but they don't evaluate every borrower or structure every loan in exactly the same way.
FLEXIBLE QUALIFICATION
FHA guidelines may provide qualified borrowers with greater flexibility in certain areas of mortgage qualification.
Let's Make It Easier to Understand.
YOUR SITUATION IS UNIQUE
Not Sure If [PROGRAM NAME] Is Right for You?
You don't have to figure that out on your own. A Homewise mortgage professional can learn what you're trying to accomplish, answer your questions, and help you explore the mortgage options that may fit your situation.
Start with a question or start with an application. Either way, we're here to help.