Competitive FHA Mortgage Loans

Check out FHA mortgage loans and new FHA limits, standards and guidelines by state ensure interest rate incentives and pricing regionally for home purchase and refinance loans. BD Nationwide puts you in touch with Approved lenders that offer low rate FHA mortgages across the country to qualified consumers.

What is a FHA Mortgage?

The FHA mortgage loan is insured by the Federal Housing Administration. This Federal agency mitigates financial risk for banks, brokers and mortgage lenders. Financing companies that want to offer FHA mortgage programs  must adhere to specific lending criteria. In the event of borrower default, the FHA guarantees the loans issued by approved FHA mortgage lenders. Borrowers must also meet eligibility criteria to secure FHA mortgages.

  • FHA only requires a minimal 3.5% down payment.
  • Many first-time home buyers prefer FHA mortgages because they do not require a good credit score.

FHA mortgage loans offer various options to suit different preferences. Whether you prefer a fixed or variable rate, FHA programs accommodate both. Additionally, you can select amortization schedules ranging from 15 to 30 years.

See Attractive Offers for the Best FHA Mortgages

fha mortgageThere are several new FHA mortgage refinance products, with Hope for Homeowners being the most popular for distressed borrowers facing foreclosure.

We continue to provide a multitude of government mortgage loan options that ensure competitive FHA mortgage interest rates with loan amount limits that are state specific.

The government also provides Americans with more “purchase power” under FHA home financing umbrella.

Check FHA Mortgage Loan Limits for all 50 States

Ask your FHA approved loan officer about state specific loan incentives that may enable you to lower your mortgage payment even more. HUD regulates the limits on FHA loan amounts that vary from state to state based on cost of living conditions.

How Much Do You Want to Borrow?


See Lenders for Terms and Conditions

FHA guidelines changed this year with the down-payment requirements being raised to 3.5%. In most cases, borrowers are taking out FHA home loans for rate and term, cash out, bill consolidation and new home purchases. Recent reports revealed rates on FHA mortgages fell below on 6% fixed on thirty year terms. Find out what payment and rate are available with your credentials.

Is it Difficult to get Approved for a FHA Mortgage Loan?

Unlike conventional mortgages, which typically demand a credit score of 620 or higher, FHA loans are accessible to individuals with credit scores as low as 500. A substantial down payment is not obligatory; if your credit score is 580 or higher, you may be eligible to make a down payment of merely 3.5%.

FHA mortgage interest rates are competitive, aligning with the offerings of other government-insured loan programs. We will connect you with experienced lenders that will help you get a pre-approval letter for an FHA loan.

Is FHA Financing only for First Time Home Buyers?

In fact, individuals who meet the eligibility criteria can submit an application for an FHA loan. Whether you’re a first-time buyer or an experienced homeowner, if you seek a loan with a low down payment and lenient credit requirements, an FHA loan might be a suitable choice for you. Find a FHA loan with no fees.

How Much Money Do You Need for FHA Mortgages?

For credit scores of 580 and above, an FHA mortgage loan necessitates a minimum down payment of 3.5%. If your credit score falls within the range of 500 to 579, making a 10% down payment is required. Several leading lenders in our network typically mandate a minimum credit score of 580 for FHA mortgage loans.

Affordable Fixed Rate FHA Mortgage Loans for Buying or Refinancing

Since the Housing of Urban Development increased the FHA home loan limits for refinance and purchase a few years ago and loan application volumes have increased over 60% from the previous year. FHA limits rose as high as $729,750 in high cost areas across the country.

Whether you need to refinance out of your high rate ARM or get cash out and consolidate bills, our FHA lenders can help you with FHA mortgage loans. The FHA streamline refinance is very popular with existing FHA customers that want a lower interest rate without the hassles of getting an appraisal.

Our loan officers will help you understand FHA guidelines and lending requirements. FHA guarantees low mortgage rates and fair lending for all borrowers in the United States.

What is the Maximum Loan Amount I Can Borrow with an FHA Mortgage?

The borrowing capacity under an FHA mortgage hinges significantly on FHA loan limits specified by regions and debt to income ratio limits.

Typically, FHA lenders permit a DTI ratio of up to 43%, although this threshold might be higher based on your credit history, available cash reserves, and down payment. Essentially, your aggregate debt obligations (including the proposed mortgage payment) must not surpass 43% of your total gross monthly income.

Moreover, FHA loans are subject to loan balance limits determined by the average property values in the respective area. These limits undergo annual adjustments, with the 2024 FHA loan limit standing at $498,257 for single-family dwellings in low-cost regions and extending to $1,149,825 in high-cost locales. For multi-unit properties, the FHA loan ceiling is raised, and there are exceptions for select areas where housing construction costs are elevated.

Do FHA Mortgage Guidelines Extend Loans for Home Buying and Refinancing?

Until a few years ago the Federal Housing Administration was best known for helping first time home buyers finance their 1st homes. Once the subprime lending eroded, the government expanded FHA mortgage programs and borrowers began choosing FHA for refinancing and home buying.

FHA rates are low but borrowers must pay mortgage insurance monthly whether they are taking out a purchase or refinance loan.

5 Factors in Qualifying For an FHA Mortgage Loan

FHA mortgages remain some of the best options for those looking for an easy way to get a mortgage that will work for them. Hallmarks of FHA mortgage programs include very flexible underwriting guidelines that make it easier to qualify for, easy down-payment requirements, and agreeable terms.

It’s a great option for first time home buyers and stands out as one of the best paths towards home ownership that currently exists.

However, as great as it is, there are still requirements in place that you’ll have to meet in order to qualify for FHA mortgages. Luckily, these requirements are easy to understand and for most people are very easy to meet. Here are the 5 major factors for qualifying for an FHA mortgage loan:

1. Those borrowing the money must certify that they’re willing to live in the home for a set period of time. This is to prevent those looking for investment properties or second homes from taking advantage of the program. Because the FHA loan is primarily designed as a way for first time home buyers to fulfill their dream, it makes sense that those who receive the loan would be required to live within the home.

2. Buyers will need to have a 3.5% down payment as well. FHA loans will cover 96.5% of the overall cost of a home, but the remainder will need to be paid by the borrower. This is simply to show that a home buyer is serious about their home and their future within it. In some cases, assistance in coming up with that down payment may be available.

3. Your income will need to be enough to qualify you for the loan. Debt to income ratio should fall within 28 to 36 percent in most cases, and you’ll need to provide documentation about your income. Additionally, an applicant’s loan amount can’t be higher than 31% of their total gross effective income.

4. Credit ratings do have an impact on FHA mortgage loan qualification, but in many cases the credit requirements are slightly less strenuous than they are in standard loan situations. A standard credit check just like those used in any loan situation will be done to ensure that credit exists, and as a result it is always in an applicant’s best interests to maintain good credit. However, some FHA loans for bad credit may exist, and it’s important to pursue all options. Low credit scores can be allowed depending on circumstance.

5. Mortgage insurance will be a requirement as well. This is usually set up during the process and handled by a representative of the lending organization. It’s a simple process and one that will fully protect an investment in a home.

FHA mortgage programs have been used by countless home buyers looking to get a loan and get into their first home. Since there are even FHA mortgage loans for bad credit holders, it’s a viable option for anyone and should never be overlooked by those in the market for their home.

Compare FHA Mortgages to Fannie Mae

When buying a new home, millions of Americans have chosen the FHA mortgage to help finance their first time home buying endeavors. FHA rates remain more affordable than ever and the low mortgage payments have increased the purchase power for borrowers in all 50 states.

An FHA mortgage might present a more accessible option for first-time homebuyers or individuals with below-average credit scores compared to conventional mortgage programs, like Fannie Mae or Freddie Mac. The annual mortgage insurance premium of an FHA mortgage loan could also be more affordable than the private mortgage insurance required for conventional loans, as it’s not influenced by the borrower’s credit score.

However, FHA loans may entail higher fees due to the upfront mortgage insurance premium. Additionally, in competitive housing markets, sellers might be hesitant to deal with the FHA appraisal process, which typically involves more thorough assessments than those required for conventional loans.

Is it Harder to Get Qualified for a FHA Mortgage than a Conventional Home Loan?

FHA loans typically offer easier qualification, requiring a minimum credit score of 580 to be eligible for a 3.5% down payment.

Choose from Several FHA Mortgage Programs

Take advantage of aggressive government lending guidelines with purchase loans that only require a 3.5% down-payment. Borrowers refinancing with FHA can get a better rate at 97.5% loan to value.

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First time house buyers can use FHA mortgages for cost effective financing and the Federal Housing Administration encourages borrowers to use gift funds. With eased credit guidelines and minimal down-payment requirements, these government home mortgages are the number one choice for new home buyers over the last decade.

Government Loans like the FHA Mortgage Ensure Affordability

In the recent era, the FHA mortgage insurance program has been utilized to great lengths for 1st-time home buyers, lower-income families, and other consumers who could not meet standard requirements of conventional loans. Limits on FHA mortgages are set with a maximum amount allowed based on a geographical level.

Each year Congress passes a bill that includes specific limits on loan amounts that are government insured. These limits are created in an effort to minimize defaults and maximize reserves.