FHA Loans - Perfect for First-Time Homebuyers

FHA loans are government-backed mortgages insured by the Federal Housing Administration. They offer lower down payment requirements and more flexible credit qualifications, making homeownership accessible to more Americans.

Key Benefits

• Down payment as low as 3.5%
• Credit scores as low as 580
• Perfect for first-time buyers
• Government-backed security

Requirements

• Credit score of at least 580 for 3.5% down payment
• Credit score 500-579 requires 10% down payment
• Valid Social Security number and legal U.S. residency
• Two years employment history or acceptable alternatives
• Primary residence occupancy requirement
• Debt-to-income ratio under 57% (total) or 47% (housing)
• Property must be FHA-approved and appraised

FHA Loan Types

• Basic Home Mortgage 203(b) - The most popular FHA loan for first-time buyers with up to 96.5% financing
• Adjustable Rate Mortgages (ARM) - Lower initial rates that adjust over time
• Condominium Mortgages - Specialized loans for FHA-approved condo complexes
• 203(k) Rehabilitation Loans - Finance both purchase and renovation in a single mortgage
• FHA Streamline Refinance - Simplified refinancing for existing FHA loan holders

Contact Secure Choice Lending at (951) 733-8925 or info@securechoicelending.com. NMLS #1689518.