Vicki Ahmadi
Mortgage Advisor/VP of Operations
Money Well Lending, LLC | NMLS: 1885256
FHA loans are particularly beneficial if you have limited funds for a down payment, moderate credit (580 FICO with 3.5% down, or as low as 500 with 10% down), or if you're a first-time homebuyer seeking easier qualification standards.
Yes, the FHA 203(k) loan allows you to finance both the purchase of a home and necessary repairs or improvements into a single loan, simplifying the process and helping you customize your home affordably.
It depends. If your initial down payment was less than 10%, FHA mortgage insurance lasts for the life of the loan. However, if your down payment was 10% or more, mortgage insurance will automatically terminate after 11 years.
Yes, FHA loans can finance properties with up to four units, as long as you occupy one of the units as your primary residence. This option allows you to live in one unit while renting out the others to offset your mortgage payment.
FHA interest rates are typically very competitive and can sometimes be lower than conventional loans, especially if your credit score isn't high enough to qualify for the best conventional rates.
FHA loans require a minimum credit score of 580 for a 3.5% down payment. Borrowers with scores as low as 500 can still qualify but must put down at least 10%.
Yes, FHA loans offer a streamlined refinance option that simplifies the refinancing process with fewer documents, no appraisal, and often reduced closing costs if the refinance results in tangible benefits, such as lowering your interest rate or monthly payments.
Mortgage Advisor/VP of Operations
Money Well Lending, LLC | NMLS: 1885256