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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FHAMTGS.com comprehensive approach empowers consumer with FHA product Content.  

The FHA Basics

Getting Pre-Approved Is Easier Than Ever with FHA

  • FHA Approvals for home ownership is possible when you start the process with an approved FHA Lender. 
  • Check out our FHA Refinance Calculator to see how a new rate and term could lower your monthly mortgage payment. Or learn how refinancing with PMI knowledge can save you money and taxes.
Every day, we help our clients lower their monthly mortgage payment by refinancing. Contact us today and we’ll help you, too.

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!
*By refinancing your existing loan, the total finance charges may be higher over the life of the loan

Frequently Asked Questions

How do I know if refinancing to lower my payment is worth it?

You want to answer two important questions:
  1. 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.
  2. 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.

Talk to a Home Loan Expert or use our refinance calculator to see if refinancing your home can help you lower your payment.

What does refinancing mean? How can it get me a lower monthly payment?

Refinancing your home means taking on a new loan with different terms. To lower your monthly payment, you’ll need a loan that meets one or more of the following criteria:
  1. 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.
  2. 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.
  3. 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?

Home equity refers to the appraised value of your home minus the amount you still owe on your loan.

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.

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