FHA Mortgages

Purchase your first home with confidence
It’s your Advantage

1st Advantage is Proud to Offer FHA Home Loans

FHA loans are insured by the Federal Housing Administration (FHA) and are an ideal option for first-time homebuyers seeking a low down payment. This type of home loan is popular among first-time buyers with little savings or for those who are still working on boosting their credit scores.

We want to see you succeed, so our FHA loans include:

Document class=”wrapper”>

Easy Application Process

Deposit class=”wrapper”>

Minimum 3.5% Down Payment

Calendar class=”wrapper”>

Quick Closing

Shield class=”wrapper”>

Insurance from the FHA

Estimate your monthly mortgage payment

Enter a total loan amount and planned down payment into this calculator to estimate your monthly mortgage payment.

Calculated payments shown are for estimation purposes only. Actual loan payment amount will be disclosed at loan closing and may differ slightly.

Our Award-Winning Mortgage Team

Our friendly mortgage professionals are here to help. Contact us to get started today.

Alicia Bowen Headshot

Alicia Bowen

Mortgage Sales Manager

NMLS #305735

757-715-2412

abowen@1stadvantage.org

 

Tamela Photo

Tamala Olszewski

Mortgage Loan Officer

NMLS #1581742

757-886-3356

tolszewski@1stadvantage.org

Paul Muse Headshot

Susan Ward

Mortgage Sales Coordinator

NMLS #1816060

757-968-5805

sward@1stadvantage.org

Get Answers to Your Questions

To qualify for an FHA loan, you’ll need to satisfy several requirements. The FHA’s minimum requirements include:

  • A DTI of less than 50, which means that your total monthly debt payments can’t be more than 50% of your pretax income
  • An appraisal to ensure that the home you want to buy is a good investment and meets basic safety and livability standards

The documents necessary include but are not limited to:

  • A valid Social Security number
  • Proof of U.S. citizenship, legal permanent residency or eligibility to work in the U.S.
  • Bank statements for, at a minimum, the last 30 days and documentation for any deposits made during this time

There are many advantages to an FHA Loan if you meet the minimum requirements. These include lower minimum credit scores than conventional loans, down payments as low as 3.5%, and debt-to-income ratios as high as 50% allowed.

Not finding what you’re looking for? See all our FAQs or Contact Us.

Ready To Buy Your New Home?

We’ll help you achieve your home buying dreams from start to finish.

Get Started Online
Apply Now
Call Us
757-877-2444
Stop by one of our branches
Find your nearest branch