FHA Mortgage Requirements
Standard FHA loan requirements include credit scores of at least 580, a 3.5% down payment, and a two year work history.
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An FHA Home Loan Grant is ideal for all home buyers who qualify when buying a Home.
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FHAMTGS.com comprehensive approach empowers consumer with FHA product Content.
The FHA Basics
Getting Pre-Approved Is Easier Than Ever with FHA
Why You Should Choose FHAMTGS.com
- You’ll get a completely online application process with less paperwork from affiliates, and you can track the status of your mortgage application.
- Our Home Loan Experts are available to answer your questions and help you understand the details so you get the right mortgage for you.
- After you close your loan, you can manage your mortgage online without any hidden fees.
- The Federal Government provides 100% of all FHA mortgages, which means you can expect great continued service after you close.
Popular FHA Loan Program Options for Your Home Loan Mortgage
- FHA Loan – Refinance out of a skyrocketing mortgage payment with the fixed-rate security of a government-insured FHA loan. Find out if you could refinance without an appraisal with our easy FHA Streamline tool.
- 30-Year Loan – Looking for a more traditional loan option? Lock in today with a 30-year fixed.
- Adjustable Rate Mortgage – Get the lowest rate available with a 5- or 7- year ARM and potentially pay thousands less over a traditional fixed rate mortgage for the first 5 or 7 years of your loan.
- VA Loan – Get a low rate and payment with the VA loan if you’re a qualified veteran, military member, or spouse. Ask us if you are eligible for the great benefits of a VA loan!
Frequently Asked Questions
How do I know if refinancing to lower my payment is worth it?
- How much will I save? A lot may have changed since you bought your home – your credit score, your home value, mortgage rates. If any of these have improved, you should definitely explore how much you can lower your payment with our refinance calculator.
- Will the savings cover the costs? It’s possible to add the costs associated with getting a new mortgage into the total refinance amount to avoid paying anything out of pocket at closing. However, refinancing in order to lower your payment may result in a longer loan term, and that might mean paying more in interest overall in the long run.
What does refinancing mean? How can it get me a lower monthly payment?
- A Lower Interest Rate – The higher your interest rate, the more you’ll pay for your mortgage both now and in the future. A lower rate equals a lower payment if you don’t shorten the length of your mortgage term.
- Gets Rid of Private Mortgage Insurance (PMI) – If you put less than 20% down on your original home loan, chances are you’re paying private mortgage insurance (PMI). If your home has increased in value and/or you have enough equity, you can refinance to eliminate this costly monthly payment.
- Refinance to a Longer-Term Loan – When you refinance to a longer-term loan, you’re stretching the amount you owe over a longer period of time. While you might pay more in interest overall, your monthly payment will decrease.
What is equity? How can it help me lower my payment?
The more equity you have, the better interest rate you can get on your FHA refinance, which may help you lower your monthly payment. Having enough equity may also help you eliminate private mortgage insurance (PMI), a costly monthly fee included in many mortgages with an original down payment of less than 20%. Use our refinance calculator to see if you have enough equity to get a lower monthly payment.