Start your quote for a
FHA Home Loan
FHA Loan Advantages
FHA Loan Eligibility
FHA Loan Refinancing
The FHA Home Loan Program is extremely helpful for the First-Time Home Buyer because it offers looser credit standards combined with the low down payment benefit.
Low Down Payment*
The FHA Home Loan Program boasts a low 3.5% Down Payment Option. You could possibly qualify for down payment assistance to cover some or all of the down payment, ask your local Fair Way Lending Group partner about it! These benefits sets it apart from most other available home loans on the market today.
Easier to Qualify
Through less stringent underwriting guidelines, the FHA Home Loan Program allows homeownership opportunities to borrowers who couldn’t otherwise qualify for conventional financing.
The FHA Home Loan it offers first time and repeat homebuyers alike the opportunity to purchase or refinance with ease. This program is one of the most desirable pathways to achieving homeownership because of its many advantages and benefits. It is designed specifically to help borrowers meet their housing and financial needs while also achieving maximum savings.
Am I Eligible for a FHA Home Loan?
The FHA Loan program is open to U.S. citizens, permanent and non-permanent resident aliens, as well as Deferred Action for Childhood Arrivals (DACA) recipients are eligible for FHA loans,
Basic Eligibility requirements:
- The home must be your primary residence
- You are eligible to work in the U.S.
- A Social Security Number is required
- You meet all other FHA loan requirements
Keep in mind that eligibility isn’t the same as qualification. You’ll still need to ensure you meet FHA and your lender’s approval standards, even if you’re technically eligible for an FHA loan.
Refinancing with a FHA Loan
There are also different options for refinancing within the FHA Loan Program. For those who qualify, the most popular types of refinances are FHA Cash-Out Refinances, and FHA Streamline Refinances.
Cash-Out Refinances give the borrower an option to convert their home equity into a lump sum of cash often times for home repairs, paying down debts, funding schooling, or financial emergencies. This can be used to turn a loan that isn’t a FHA loan into a FHA loan.
Streamline Refinances allow those who have an existing FHA Loan to refinance to a lower interest rate, those with an ARM to refinance into a fixed interest rate. This loan is possible to accomplish with no money out of pocket and does not allow for any ‘cash back’ to borrowers.
Am I Eligible for a FHA Home Loan?
Your eligibility to utilize a FHA Home Loan is determined by your length of service or service commitment, duty status, and the character of service.
Our FHA the Fairway experts will help you learn if you are eligible for a FHA Loan, we are also happy to assist in obtaining your Certificate of Eligibility.
Have questions about your eligibility? Want to see if you qualify? Call (888) 301-3465 to speak with one of our FHA Specialists.
You may be eligible for a FHA Home Loan if one or more of these scenarios apply*:
- You have served 181 days of active service during peacetime, or 90 consecutive days of active service during wartime
- You have more than 6 years of service in the National Guard or Reserves, less if discharged for a service-connected disability
- You are the un-remarried spouse of a service member who has died in the line of duty or as a result of a service-related disability or is missing in action or a prisoner of war.
- There are other circumstances in which you may be eligible, contact us with questions!