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.
Easy Application Process
Minimum 3.5% Down Payment
Insurance from the FHA
Calculated payments shown are for estimation purposes only. Actual loan payment amount will be disclosed at loan closing and may differ slightly.
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.