FHA Home Loans


January 19, 2021 – FHA to Permit DACA Status Recipients to Apply for FHA Insured Mortgages

December 2, 2020 – Department of Housing and Urban Development (HUD) released the new 2021 Loan Limits increasing from $331,760 in 2020 to $356,362 in 2021, with some high-cost areas increasing to $822,375.

December 1, 2020 – FHFA announces conforming loan limits for 2021 increasing to $548,250 in most counties and an increase for high-cost areas up to $822,375.

An FHA loan is a mortgage backed by the Federal Housing Administration (FHA) and is often one of the easiest to qualify for. FHA loans are an attractive option for first-time home buyers and those with lower credit scores or smaller down payments. Intercap Lending is approved by the Federal Housing Authority and specializes in FHA lending as a direct Fannie Mae and Freddie Mac lender.

Is an FHA Loan right for you?

The FHA program was created to stimulate the housing market by making loans more accessible to people with lower credit scores and/or smaller down payments. First-time home buyers and low-income buyers often benefit from FHA loans as they may qualify for a down payment as little as 3.5% with a minimum credit score of 580. Having a credit score that’s lower than 580 doesn’t necessarily exclude you from FHA loan eligibility; if your credit is between 500 and 579 you may still be eligible with a 10% or greater down payment.

An FHA loan requires mortgage insurance (MI) and has maximum purchase limits. Other little and low down payment options include USDA, VA, and State Housing Loans.

If you have a high credit score, more money to put down, and you want to purchase a home that exceeds the FHA loan limits you may want to consider a Conventional Loan. To find out if an FHA Loan is the best option for you, contact an Intercap Loan Officer today.