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Loan Today
Looking for the Best FHA Loan Rates? You've come to the right place. At Lending by Joseph, we specialize in securing competitive FHA loan rates to make homeownership more accessible. Whether you're a first-time buyer or refinancing, we offer flexible options with low down payments and credit-friendly terms. Our team is committed to finding the best FHA mortgage rates tailored to your financial needs. Let us guide you through the process and help you get started today!
What Is an FHA Loan?
An FHA loan is a mortgage insured by the Federal Housing Administration (FHA), a division of the U.S. Department of Housing and Urban Development (HUD). This type of loan provides protection for lenders in case of borrower default, making it easier for homebuyers—especially first-time buyers—to qualify with lower down payments and more flexible credit requirements.
How Do FHA Loans Work?
FHA loans allow homebuyers to finance a significant portion of a home's value based on their credit score. Buyers with a credit score of 580 or higher can qualify for a loan covering up to 96.5% of the home’s value, requiring only a 3.5% down payment. Those with credit scores between 500 and 579 may still be eligible but must provide a 10% down payment. However, many lenders have their own credit score requirements.
While FHA loans offer lower down payment options and more flexible credit requirements than conventional loans, borrowers are required to pay a mortgage insurance premium (MIP).
Get Current FHA Loan Rates
Stay up to date with the latest FHA Loan rates to ensure you get the best deal possible. Our rates are tailored to your financial profile and the size of your loan, helping you find a solution that works for you. Check out what customers say about our service.
Get current FHA loan rates
Benefits of an FHA Loan
FHA loans offer several advantages, making homeownership more accessible, especially for first-time buyers and those with lower credit scores. Key benefits include:
✔ Low Down Payment – Qualify with as little as 3.5% down if your credit score is 580 or higher.
✔ Flexible Credit Requirements – Borrowers with credit scores as low as 500 may still be eligible.
✔ Competitive Interest Rates – FHA loans often have lower interest rates compared to conventional loans.
✔ Higher Debt-to-Income (DTI) Allowance – More flexible DTI ratios make it easier to qualify.
✔ Assumable Loans – FHA loans can be transferred to a new buyer, potentially saving them money on interest.
✔ Financing for Repairs – FHA 203(k) loans allow buyers to include renovation costs in their mortgage. Learn more
FHA Loan Requirements
Here are the basic requirements for an FHA loan:
Credit Score: Minimum of 580 for a 3.5% down payment; 500–579 requires a 10% down payment.
Down Payment: As low as 3.5% with a qualifying credit score.
Debt-to-Income Ratio (DTI): Generally, a maximum of 43%, though exceptions may apply.
Steady Income & Employment: Proof of stable employment and income history.
Mortgage Insurance: Requires both an upfront and annual mortgage insurance premium (MIP).
Primary Residence: The home must be your primary residence, not an investment property. Learn more about FHA loan
Ready to Take the Next Step?
At Lending by Joseph, we make it easy to apply for an FHA loan. Whether you're purchasing a home or refinancing, our team is dedicated to helping you secure the best loan terms with low down payments and flexible credit requirements. Get started today!
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jsoulamon@nexamortgage.com
STILL NOT SURE?
Frequently Asked Questions
Can I use an FHA loan for a fixer-upper?
Yes, the FHA 203(k) loan allows you to finance both the purchase and renovation of a home in one mortgage.
Are there loan limits for FHA loans?
Yes, FHA loan limits vary by county and are updated annually based on local housing costs.
Can I qualify after bankruptcy or foreclosure?
Yes, but there are waiting periods—typically two years after Chapter 7 bankruptcy and three years after foreclosure.
Is mortgage insurance required?
Yes, FHA loans require both an upfront and annual mortgage insurance premium (MIP).
Can I have more than one FHA loan?
Usually, no. However, exceptions exist for job relocation or major life changes.
What types of properties qualify?
Eligible properties include single-family homes, multi-family units (up to four), condos, and certain manufactured homes.
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2918 W Grand Pkwy N Ste. 150-120, Katy, TX 77449
Houston, TX 77449
Company State License#
AZMB - 0944059
Contact Us
Joseph "DOC" Soulamon
Your Trusted Mortgage Advisor
NMLS # 2234526
Located In: All states EXCEPT NY & MA
Phone:
(281) 688-6166
Email:
jsoulamon@nexamortgage.com
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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.
Joseph Services all of All states EXCEPT NY & MA
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