FHA Loans

Residential buildings and easel with FHA loan. Mortgage insured by Federal Housing Administration Loan. An affordable financial instrument for borrowers with a low credit score. High risk of default

General Eligibility

To qualify, borrowers must meet specific credit and income requirements set by the lender, and service requirements set by the VA, such as: [1, 2]

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    To qualify, borrowers must meet specific credit and income requirements set by the lender, and service requirements set by the VA, such as: [1, 2]

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    Veterans with varying minimum service lengths depending on when they served (often 90 days during wartime or 181 days during peacetime).

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    National Guard and Reserve members with at least 6 years of service, or 90 days of active service (with at least 30 consecutive days).

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    Qualifying surviving spouses of veterans. [1, 2, 3]

A Certificate of Eligibility (COE) is required to prove you meet the service prerequisites and can be obtained via a lender or through the VA.gov Home Loans portal. [1]

If you're exploring this for yourself, I can help you:

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    Review specific VA Home Loan Basics to see if your term qualifies

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    Understand the VA Home Loan Entitlement limits for your specific area

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    Find out how to start the process using Veterans United guides

FHA Mortgage Insurance

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    Upfront Mortgage Insurance Premium (UFMIP): Typically 1.75% of the loan amount, which can usually be rolled into the total financed mortgage. [1, 2, 3, 4]

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    Annual Mortgage Insurance Premium (MIP): Paid monthly, this usually costs between 0.45% and 1.05% of the loan amount annually. If you put down less than 10%, this premium lasts for the lifetime of the loan. [1, 2, 3]

Types of FHA Loans

Beyond the standard purchase mortgage (203(b)), the FHA offers specialized options: [1]

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    FHA 203(k) Loan: Allows buyers to bundle the purchase price of a home and the costs of home renovations into a single mortgage.

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    FHA 203(h) Loan: A disaster victim mortgage with no down payment required if you've lost your home in a presidentially declared disaster area. [1]

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