Making homeownership more accessible.
Less-than-perfect credit? Little-to-no credit history? You could still buy a home with an FHA mortgage.
FHA Mortgage: Features & Benefits
Low down payment
Lower down payment requirements make FHA Mortgages ideal for first-time homebuyers.
Flexible approvals
A lot of mortgages come with hefty requirements. FHA mortgages lower the barrier of entry.
More buyers qualify
Your debt & income determine your odds of getting a mortgage. FHA mortgages are more generous!
FHA Mortgage FAQs
FHA Mortgages are unique mortgages that are insured by the government, specifically the Federal Housing Administration — that’s what the FHA stands for!
Because FHA Mortgages are federally insured, they can afford to offer lower down payments and approve borrowers with lower credit scores or higher debt levels than most other mortgages.
Think of them as your own personal “great equalizer.”
When a loan is federally insured, it means the government protects lenders like us if a borrower can't pay their mortgage. This reduces the risk to us lenders, which, in turn, allows for more flexible application standards. Altogether, federally insured loans help make mortgages more accessible for homebuyers who would have trouble getting approved for a traditional home loan.
No. While FHA Mortgages are especially beneficial for first-time homebuyers, it isn’t a requirement. FHA loans are available to all homebuyers, so long as the home is used as a primary residence.
Yes, FHA loans require the borrower to pay:
- An upfront mortgage insurance premium (UFMIP)
- An additional monthly payment for mortgage insurance
Save even more with LMCU’s Max Mortgage discount!
Buying a home? Start here.
Connect with one of our local mortgage experts. They’re ready to answer any homebuying questions you may have with a smile and an extra mile.
The home of all your homeownership needs.
Disclosures
To receive MaxMortgage discount, mortgage payment must be an automatic payment that comes from an LMCU checking account with an ACH deposit. Some programs may not be eligible, discuss with your mortgage loan officer for further details.
