FHA Loans

Looking to purchase a home but need to repair your credit score or have limited capital for a down payment? You may still be able to purchase a home with an FHA loan. Connect with one of our loan officers, today!
Frequently Asked Questions

Are FHA loans all the same?
There are a variety of different types of FHA loan programs. Lending limits as well as the requirements vary based on the state you live, and sometimes by the county too. Contact Premier Plus Lending to help you better understand your options and requirements based on the are you live.
Am I borrowing money from the FHA?
No, you are not borrowing directly from the Federal Housing Administration. What happens is the FHA guarantees the loan so that borrowers who put little or no money down or have lower credit scores can still obtain a mortgage through a lender like Premier Plus Lending.
Is there a minimum credit score I need to qualify for a FHA loan?
There is no set minimum and flexible credit options help provide options for purchasing a home for borrowers with lower credit scores.
If I’ve declared bankruptcy in the past, can I still qualify for a FHA loan?
Borrowers who are 2 years from discharge or bankruptcy and are not delinquent on federal debts or taxes may qualify for a FHA loan.
What are the interest rates on an FHA loan?
Mortgage rates on loans insured by the FHA fluctuate just like conventional fixed-rate mortgage loans but can have a lower base rate than a conventional loan with the same terms. Borrowers can lower their interest rate on an FHA loan by paying discount points.
How does mortgage insurance work with an FHA loan?
FHA loan requirements include paying two types of mortgage insurance premiums (MIP): Up Front Mortgage Insurance Premium (UFMIP) which the borrower can pay as a lump sum in cash or include it in the loan amount, and an Annual MIP. As of 2018, UPMIP is 1.75% of the loan amount and MIP is approximately 0.85% of the loan amount.
How do I get pre-approved for an FHA loan?
Contact Premier Plus Lending today to see if an FHA loan is your best option. See what you qualify to purchase today! Restrictions apply
department of housing-and urban development
If your goal is to repair your credit score or you have limited capital for a down payment, you may still be able to purchase a home with an FHA loan. Premier Plus Lending can help borrowers who don’t qualify for a conventional loan with a loan backed by the Federal Housing Administration. An FHA loan provides opportunities with flexible guideline requirements for those seeking home ownership who don’t have a credit score or have limited capital for down payment.

Benefits of FHA Loans

Buyers with lower credit scores or poor credit history may still be able to purchase a home if they don’t qualify for a conventional loanBuyers with limited savings for a down payment or first-time homebuyers may have an easier time qualifying for an FHA loan Low to moderate income buyers may have an easier time qualifying for an FHA loan

FHA Loan Features

  • Low credit score borrowers can still qualify for a loan with poor credit
  • Borrowers with a bankruptcy or foreclosures in their credit history may still qualify.
  • FHA loans have competitive interest rates so low credit score borrowers can keep their monthly home mortgage payment costs down.

Fixed Rate Loan Terms

  • Fixed rate loan interest rates stay the same for the entire duration of the loan so monthly mortgage payments are predictable.
  • FHA loans are available and may be good for fixer-upper property financing
  • An FHA 203(K) loan rolls the home purchase and remodeling costs into one loan

Contact Us To Discuss Your Loan Options, Today!

We’re looking forward to helping you find the best loan options for your specific needs