FHAFHA loans
FHA loans for buyers who need more flexibility
Insured by the Federal Housing Administration, FHA loans are built for first-time buyers and anyone whose credit is still catching up. The guidelines are more forgiving, and family can help with the money you need to close.
- Licensed in Arizona
- NMLS #2786915
- Se habla español
Who it's for
Who FHA loans work best for
First-time homebuyers
A lower down payment requirement than many conventional loans and flexible guidelines make it easier to get started.
Credit that's still rebuilding
FHA guidelines are more forgiving of lower scores and past credit events than most conventional loans.
Buyers getting help from family
Gift funds can cover the down payment and closing costs, and a relative can often join the loan even if they won't live in the home.
How it works
How FHA loans work
The FHA doesn't lend money. It insures loans made by approved lenders, which lets those lenders accept more flexible credit and debt-to-income guidelines.
Mortgage insurance premium (MIP)
FHA loans include an upfront premium, usually added to the loan amount, and an annual premium paid monthly. Depending on your down payment, the annual premium can last for the life of the loan, so many homeowners refinance later.
More room for debt
When the rest of your file is strong, FHA guidelines can allow a higher debt-to-income ratio than many conventional loans.
Buy a 2 to 4 unit property
Live in one unit and rent out the others. Projected rent from the other units may help you qualify.
Property standards
The home must meet HUD's minimum property standards for safety and soundness, which the FHA appraiser checks.
FHA Streamline refinance
Already have an FHA loan? A Streamline refinance can lower your rate with less paperwork and, in many cases, no new appraisal.
Document checklist
What you'll need to apply
Check items off as you gather them. Your list is saved on this device.
Blue Reserve Mortgage · Document checklist · FHA loans
Income
Assets
Identity and credit
Compare
FHA vs. conventional at a glance
| This programFHA | Conventional | |
|---|---|---|
| Credit | More flexible with lower scores and past credit events | Rewards strong credit with better pricing |
| Mortgage insurance | Upfront and annual premiums that can last the life of the loan | PMI can be removed as you build equity |
| Property use | Primary residence only | Primary, second home, or investment |
| Property condition | Must meet FHA minimum property standards | Standard appraisal |
Program availability and guidelines vary by lender and are subject to change. This is not a commitment to lend.
Questions
Common questions
Do I have to be a first-time buyer to use an FHA loan?
No. FHA loans are open to repeat buyers too, as long as the home will be your primary residence.
Can I get an FHA loan after a bankruptcy or foreclosure?
Often, yes, after a waiting period and with re-established credit. The waiting period depends on the event and your circumstances, so let's look at your dates together.
Is there a maximum FHA loan amount?
Yes. FHA loan limits are set by county and updated every year. We'll confirm the limit for the county where you're buying.
How do I remove FHA mortgage insurance?
It depends on when your loan was made and your original down payment. For some loans the annual premium ends after a set period; for others it lasts for the life of the loan. Many homeowners refinance into a conventional loan once they have enough equity.
Talk to a loan officer
Let's see if FHA is your best fit
Share a few details and a loan officer will compare FHA and conventional options side by side.
- We compare multiple wholesale lenders for you
- English or Spanish, from application to closing
- No cost to ask questions
Prefer to talk? Call
928-750-6064Or choose a loan officer