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FHA Loans

An FHA loan is a government-backed mortgage option that helps make homeownership more accessible—especially for buyers with lower credit scores or limited financial resources. With flexible qualification criteria and a lower down payment requirement, FHA loans offer a practical path to owning a home for those who may not meet conventional loan standards.

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FHA loans

FHA Loan Information

An FHA loan is a government-insured mortgage backed by the Federal Housing Administration, designed to make homeownership more accessible—especially for first-time buyers and moderate-income families. issued through approved lenders like banks and credit unions, FHA loans offer lower down payment options and flexible credit score requirements, helping more people qualify for financing.

  • A Smart Choice for First-Time Homebuyers: With reduced down payment requirements and flexible guidelines, FHA loans are ideal for those purchasing their first home.
  • Lower Interest Rates: Because these loans are insured by the government, lenders are able to offer more competitive interest rates, reducing long-term costs.
  • Financing for Home Repairs: FHA loans include options that let you finance both the home purchase and necessary repairs, based on the property’s future value post-renovation.
  • Gift Funds Accepted: You can use gift funds to cover your entire down payment—making it easier to get started, even if personal savings are limited.

To be eligible for an FHA loan, you’ll need to meet certain criteria, including:

  • Credit Score Requirements:
    1. 580+ credit score with as little as 3.5% down
    2. 500–579 score may qualify with a 10% down payment
  • Steady Employment: Verifiable job history for at least the past two years
  • Proof of Income: Submit pay stubs, tax returns, and bank statements to verify earnings
  • Primary Residence Only: FHA loans must be used for a home you intend to live in full-time
  • FHA Property Appraisal: Home must meet HUD guidelines and be appraised by an FHA-approved professional
  • Manageable Debt Levels:
    1. Housing expenses should not exceed 31% of your gross monthly income
    2. Total monthly debts (including the mortgage) should ideally stay below 43–50%, depending on the lender
  • Time After Bankruptcy or Foreclosure:
    1. Wait periods apply: 1–2 years after bankruptcy and 3 years after foreclosure, though exceptions may be granted for extenuating circumstances

FHA loans offer a reliable path to homeownership for those who may not meet the strict criteria of conventional loans. Whether you're rebuilding your credit, purchasing your first home, or working with limited savings, FHA financing offers the flexibility, affordability, and opportunity you need to move forward.

At Bravo Mortgage, we’re here to guide you through every step—helping you understand your options, prepare your application, and move confidently toward owning your next home.

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We understand that every dream is unique and personal. If you're ready to take the next step or simply have questions.