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Despite many changes over the last 6-years, FHA has remained one of the most common loan programs in today’s market. 

FHA stands for Federal Housing Administration, and as it sounds, FHA is a United States government agency created by the National Housing Act of 1934. It sets standards for underwriting guidelines and insures loans made by banks and private mortgage lenders for home financing. Nearly 1/4 of all home loans closed in the United States are FHA loans.

The Top Benefits of FHA Loans

(1) Low Down Payment Requirements – 3.5% minimum down
(2) Flexible qualifying guidelines – no max dti ratio… see Dan for more details
(3) 580 min credit score requirements
(4) Flexible or “make sense” underwriting guidelines for previous bankruptcies, foreclosure, and credit flaws
(5) Gift funds for down payment allowed
(6) Down payment assistance available to off-set 3.5% down pmnt requirement
(7) Non-occupant co-signers allowed
(8) FHA offers below market 30-yr fixed rate mortgages regardless of down payment

The Top “Risks” or Cons of FHA Loans

(1) There is an upfront mortgage insurance fee of 1.75% (financed into loan)
(2) There is a monthly private mortgage insurance fee of .85% required
(3) The monthly mortgage insurance fee is required for the life of the loan
(4) The home must meet HUD appraisal standards (see Dan for more info)
(5) The home must be purchased to occupy the home

How To Get Approved For A FHA Loan

The FHA loan program is a great option for first time home buyers, but, often times, this is also a great option for someone who is selling their home and may not have the large down payment to purchase their next home.
For more information on getting approved for a FHA home loan, you can enter your email and name over here to the right, or contact me directly at or directly at (425) 350-7136.  If you would like to get started right now, visit my FHA application page here – APPLY WITH DAN

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Dan Keller – Lic # MLO 115349
Mortgage Advisor/Branch Manager at
CrossCountry Mortgage, Edmonds, WA
8129 Ballinger Way Suite 105
Edmonds, Wa 98026

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