Did you hear the news? First National Financing Inc., DBA Think Home Loans offering low rates and industry leading customer service.

FHA Loans

Federal Housing Administration Loan

fha loan

An FHA (Federal Housing Administration) loan is a loan insured against default by the FHA. In other words, the FHA guarantees that a lender won’t have to write off a loan if the borrower defaults – the FHA will pay.

FHA loans are not for everybody. Nevertheless, they are a great help to some borrowers.
FHA loans allow people to buy a home with a down payment as small as 3.5%. Other loans might not allow such a low down payment.

Who can get an FHA Loan?

Almost anybody can get an FHA loan. There are no income limits. However, there are limits on how much you can borrow. In general, you're limited to median home prices in your area. To find the limits in your region, visit HUD's Website. To qualify for an FHA loan, you'll need to have reasonable debt to income ratios. You don't need perfect credit but you will need to have a credit score of at least 620.

FHA loans offer a few other bells and whistles:

  • 3.5% down payment required on purchase

  • Easier to use gifts for down payment and closing costs

  • No prepayment penalty

  • Financing for home improvement using FHA 203k programs

Free Rate Quote!

Get free rate quote and closing cost analysis. Use our 3 Step form to get started!

Step

Step1 rates

Step

Step2 rates

Step

Step3 rates

What Clients Say About Us