FHA Mortgage

FHA Mortgage Program

FHA loans allow homebuyers to borrow money to purchase a home with a smaller down payment than conventional loans. Homebuyers with a credit score of 580 or higher can borrow up to 96.5% of the home's value with an FHA loan. Homebuyers with credit scores between 500 and 579 can still qualify for an FHA loan with a 10% down payment.

FHA loans also have lower minimum credit score requirements than other types of home loans. However, all FHA borrowers must pay mortgage insurance premiums (MIP). MIP helps to protect the lender in case of default.

FHA Loan Requirements

To qualify for an FHA loan, borrowers must meet certain requirements, including:

The home must be appraised by an FHA-approved appraiser.
The home must be the borrower's primary residence.
The borrower must occupy the property within 60 days of closing.
The property must meet FHA minimum property standards.

In addition to these general requirements, there are a few more specific conditions that borrowers must meet, such as down payment amount, mortgage insurance, credit score, loan limits, and income requirements. For the most part, the FHA requirements to qualify for a mortgage are the same for DACA recipients.

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Down Payment Assistance programs are offered by a variety of organizations, including government agencies, nonprofits, and lenders. Call for details.

FHA Mortgage Benefits

1 Day Approval

No Credit Score Available

3.5% Down Payment

580 Credit Score / 500 Score for 10% Down ( Case by Case)

Max Loan Amount $472,030 Single Family Homes / $604,400 Duplex

Triplex $730,525 / Quadruplex $856,650

Condos / Townhouses

Less Documentation

Bankrupty Chapt 7 (2Years) / Chapt13 ( 1Year)

Foreclosure - OK

Short Sale - OK

Upfront MIP 1.75%

MIP 0.15% to 0.75%

Fast Closings

First Time Buyer

Higher DTI Ratios

Medical Bills - OK

Manufactured Homes

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We Have the Best Programs for You

305-336-2403

apply@klickmortgage.com