Loan Programs  |  03

FHA Loans

Flexible credit, low down payment, real-world approvals.

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The quick version

How it works

FHA loans are insured by the Federal Housing Administration, part of HUD. That insurance lets lenders approve buyers who might not fit the tighter boxes of a conventional loan, including people rebuilding credit, buyers with higher debt-to-income ratios, and first-time buyers with limited savings. The trade-off is mortgage insurance: an upfront premium plus an annual premium built into your payment. FHA loans are for primary residences, have county-based loan limits, and are even assumable, which can be a real selling point down the road.

Highlights

Low down payment

Built for buyers without a giant savings account.

Flexible credit guidelines

More forgiving of past credit bumps.

Gift funds allowed

Family can help with your down payment.

Assumable

A future buyer may be able to take over your loan.

FAQ

Questions people actually ask

Tap a question to see the answer.

1Who is an FHA loan best for?+
Buyers with lower credit scores, limited savings, or higher debt-to-income ratios. It's also popular with first-time buyers, though you don't have to be one to use it.
2How does FHA mortgage insurance work?+
There's an upfront premium, usually rolled into the loan, and an annual premium paid monthly. Depending on your down payment, the annual premium lasts either 11 years or the life of the loan.
3Can I get an FHA loan after a bankruptcy or foreclosure?+
Often yes, after a waiting period and with re-established credit. The waiting period depends on the type of event and your circumstances. We'll walk through your timeline.
4Is there a maximum FHA loan amount?+
Yes. FHA sets loan limits by county, and they're updated every year. We'll tell you the current limit for the area you're buying in.
5Can a family member help with my down payment?+
Yes. FHA allows gift funds from family and certain other sources, as long as the gift is properly documented.
6Can I use an FHA loan for an investment property?+
Not on its own. FHA loans are for homes you'll live in. You can, however, buy a two-to-four unit property, live in one unit, and rent out the others.
7Can I refinance out of FHA later?+
Absolutely. Many buyers use FHA to get in the door, then refinance into a conventional loan once their credit and equity improve, which can remove mortgage insurance.
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This information is general and educational. It is not a commitment to lend. Program guidelines vary by lender, change over time, and are subject to credit approval and underwriting.

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Plano Mortgage Broker

Mohave Mortgage

5830 Granite Pkwy # 100-213

Plano Texas, 75024

Office: (469) 414-5554

Branch NMLS # 2690682

Mohave Mortgage

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