FHA Home Loans

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.

See if you qualify for an FHA loan

Or a similar home loan with low down payment and other minimal requirements.