FHA Loan
An FHA (Federal Housing Administration) loan is a government-backed mortgage program designed to make homeownership more accessible, particularly for first-time buyers and individuals with moderate incomes.
With lower down payment requirements and more flexible credit standards compared to conventional loans, FHA loans enable buyers to secure a home with as little as 3.5% down. These loans also provide protection for lenders against default, encouraging them to offer better terms to borrowers who might not qualify for traditional mortgages.
FHA loans are an excellent option for those seeking affordable entry into the housing market, offering a pathway to homeownership with reduced upfront costs and greater flexibility.
At The Relentless Mortgage Group, we are dedicated to embracing a “Resilient” Approach to ensure every client finds the best loan options.
Requirements
The Federal Housing Administration (FHA) offers mortgage insurance for loans extended by lenders approved by the FHA. This insurance covers single- and multi-family homes within the United States and its territories. Established in 1934, the FHA has become the globe’s leading insurer of residential mortgages, having secured the interests of tens of millions of properties over the years.
- FICO® score at least 580 = 3.5% down payment.
- FICO® score between 500 and 579 = 10% down payment.
- MIP (Mortgage Insurance Premium ) is required.
- Debt-to-Income Ratio < 43%.
- The home must be the borrower’s primary residence.
- Borrower must have steady income and proof of employment.
how can we help you?
At Relentless Mortgage we promise to provide complete transparency backed by “5 Star Service” from start to finish.
How do I say this! Ever feel that someone genuinely cares about your clients and your needs! Well with Joshua and his awesome Relentless team you feel that you are getting that top notch 5 star service! His team is clear in communication and is always ready to go the extra mile for their clients needs! We highly recommend anybody that ever has lending question to reach out to them! They will go the extra mile for you and your family!!!
