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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. 
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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.
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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
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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
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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.
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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 dkeller@guildmortgage.net 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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I Want To Be Your Mortgage Advisor!

I LOVE connecting with my social media followers and readers! You are the reason I produce this content and share it weekly on Seattle Real Estate Radio 1300am. I can always be reached directly at 425-350-7136 or via email at dkeller@guildmortgage.net
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If you found this information valuable, please share it! If you are a real estate broker and would like more information like this to be shared at your next office meeting, please contact my office to scheduled me!
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Dan Keller MLO# 115349

Call/Text: (425) 350-7136

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