What is an FHA Mortgage?
FHA (Federal Housing Administration) mortgages are government-backed loans designed to help homebuyers with lower credit scores and smaller down payments. They provide a more accessible pathway to homeownership for many individuals and families.
Benefits of FHA Mortgages
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Lower Down Payments:
FHA loans require as little as 3.5% down, making them an attractive option for first-time homebuyers.
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Flexible Credit Requirements:
With a minimum credit score of 580, FHA loans cater to buyers with less than perfect credit histories.
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Competitive Interest Rates:
Generally, FHA loans offer lower interest rates compared to conventional loans.
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Assumable Mortgages:
FHA loans can be assumed by a new buyer if you sell your home, which can be a selling point in a competitive market.
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Higher Loan Limits:
In many areas, FHA loans allow for higher loan amounts to accommodate the rising property costs.
Who Qualifies for an FHA Mortgage?
To qualify for an FHA mortgage, applicants must meet certain criteria, which may include:
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Credit Score:
Minimum score of 580 for a 3.5% down payment; scores between 500-579 may qualify with a 10% down payment.
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Debt-to-Income Ratio (DTI):
Generally, a DTI ratio of 43% or lower is preferred.
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Employment History:
Stable employment for at least the past two years.
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Property Requirements:
The property must be your primary residence and meet certain health and safety standards set by the FHA.
How to Apply for an FHA Mortgage
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Contact Us:
Get in touch with our team to discuss your options.
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Pre-Approval:
We will help you get pre-approved to determine your budget.
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Documentation:
Gather necessary documents such as W-2s, bank statements, and credit reports.
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Loan Application:
Complete the FHA loan application with our guidance.
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Home Appraisal:
The lender will require an appraisal to determine the home’s value. This ensures the loan amount aligns with the property’s worth.
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Close Your Loan:
Once approved, we will help you through the closing process.
Ready to Get Started?
At Fort Funding, we’re committed to helping you achieve the dream of homeownership with an FHA loan.
Contact us today to learn more and start your application!
Want to learn more?
Frequently Asked Questions (FAQs)
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How long does the FHA loan process take?
The timeline can vary, but typically it takes 30-60 days from application to closing.
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Can I refinance my existing FHA loan?
Yes! FHA offers several refinancing options, including the Streamline Refinance program with reduced paperwork.
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Are there any closing costs?
Yes, FHA loans may include closing costs, but these can often be rolled into the loan amount or covered by the seller.
What Others are Saying
About Fort Funding?
Don’t just take our word for it– here are some actual, word-for-word reviews from real customers just like you.
Why Choose Us?
(It Might Surprise You.)
You have a lot of options when it comes to choosing your mortgage lender. That’s why here at Fort Funding, work hard to give every single customer the most incredible lending experience possible.
This might surprise you, but, we go against the grain of the mortgage industry. Why? Because nowadays, so many lenders have given up quality for quantity– and it’s customers like you who suffer. That’s not us, and it never will be.
Since we began in our small office in Brooklyn in 1993, we’ve treated every client like family, and reimagined what a first-class, personal mortgage experience can look like.
If you’re looking for a personalized experience we’re excited to show you the hundreds of loan options available at incredible rates.
Start Your Mortgage Approval Process Now
Have Questions? Give us a call.
We love helping people find the answers they need.
718-921-0200
NEW YORK
NMLS #39463.
License #RMB 209074
Registered Mortgage Broker - New York State Department of Financial Services. All loans arranged through third party providers.
NEW JERSEY
NMLS #39463
New Jersey Residential Mortgage Broker. Licensed by the NJ Department of Banking and Insurance. We do not make any mortgage commitments or fund any loans. All loans arranged through third party providers.
CONNECTICUT
NMLS#39463.
License #20264
Connecticut Mortgage Broker - Connecticut Department of Banking. Mortgage Broker only, not a Mortgage Lender or Mortgage Correspondent Lender.
PENNSYLVANIA
NMLS #39463.
License #59975
Licensed by the Pennsylvania Department of Banking and Securities.
FLORIDA
NMLS#39463.
Lender License #MBR2367
Licensed by the Florida Office of Financial Regulation.
CALIFORNIA
NMLS#39463.
License/Registration # 60DB0-148018
Licensed Under the California Department of Financial Protection and Innovation.
California-DFPI Financing Law License
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