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FHA Loans

If your income or credit score has caused a few bumps in the road on your homebuying journey, a FHA home loan may be the perfect fit you’ve been looking for.

Home - Loan Options - FHA Loans

If your income or credit score has caused a few bumps in the road on your homebuying journey, a FHA (Federal Housing Administration) home loan may be the perfect fit you’ve been looking for. FHA loans have become increasingly popular due to their flexible qualifications like, higher debt-to-income allowances, down payment options as low as 3.5% and first-time homebuyer incentives. They also accommodate for those affected by foreclosure or bankruptcy. 

 

General Guidelines:

  • Must be owner occupied by Borrower -Non occupying co-borrower (relative allowed)
  • 1-4 family owner occupied
  • Typically, can only have one FHA loan
  • Up to a four unity property, with at least one-unit owner occupied
  • Condos must be on HUD approved list

 

Job Requirement Guidelines:

  • W-2 Self Employed Borrowers allowed. *HUD’s income and employment requirements must be met.

 

Mortgage Insurance: 

  • Monthly MIP based on LTV and Mortgage Term
  • Up-Front MIP of 1.75% included in the loan amount

Fairway is not affiliated with any government agencies. These materials are not from HUD or FHA, and were not approved by HUD or FHA, or any other government agency.

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Monthly Mortgage Payments*

mortgage calculator with pmi, insurance and taxes.
*Hypothetical monthly mortgage payments reflect hypothetical Principal & Interest amounts rounded to the nearest dollar amount and do not include insurance, taxes, or other possible fees. These figures and rates are for educational purposes only and do not reflect an official mortgage loan offer.

Need help? Call our award-winning mortgage team at 1-800-3-LOW-RATE

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Capital Mortgage Funding is Powered by Fairway Independent Mortgage Corporation.

Copyright ©2021 Fairway Independent Mortgage Corporation. NMLS#2289. 4750 S. Biltmore Lane, Madison WI 53718, 1-866-912-4800. All rights reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply.

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