FHA Loan Programs
FHA loans are government-backed mortgages designed to make homeownership more accessible, especially for first-time buyers with lower credit scores or limited savings.
Mortgage Calculator
Calculate your Cash to Close, real-time Interest Rate and Monthly Payment
Program Details
The Federal Housing Administration (FHA) offers mortgage insurance on loans made by FHA-approved lenders. FHA loans are ideal for first-time homebuyers or buyers with less-than-perfect credit.
Key features of FHA loans:
-
Down payments as low as 3.5%
-
Flexible credit requirements (as low as 580)
-
Lower closing costs
-
Can be combined with down payment assistance programs
FHA loans are available in all 50 states and are often used by buyers who don’t qualify for conventional loans.
Eligibility Requirements
-
Credit score of 580+ for 3.5% down, or 500–579 with 10% down
-
Debt-to-income ratio generally below 43%
-
Must occupy the home as your primary residence
-
Steady employment and income history
-
Property must meet FHA appraisal and safety standards
Program Benefits
-
Lower down payment than conventional loans
-
Easier credit qualifications
-
Can be used to buy single-family homes, condos, or multifamily (up to 4 units)
-
May allow for gift funds or assistance to cover down payment
-
Refinance options like FHA Streamline Refinance available later
How to Apply
-
Find an FHA-approved lender in your area
-
Get pre-approved and check your credit score
-
Submit proof of income, employment, and assets
-
Find a home that meets FHA guidelines
-
Undergo FHA appraisal and finalize underwriting
-
Close on your FHA-backed mortgage
Program Overview
Category
FHA Loans
Maximum Assistance
3.5% of loan amount
Official Program Website
Information about this program is provided as a resource and may be subject to change. Always verify details with the official program website.
Related Resources
*Details are in the Mortgage Calculator*
Your complete toolkit for buying your first home
Get personalized rates and find programs you qualify for. Calculate payments with ease and make your dream of homeownership a reality.
Download our app to access all features
Licensed Mortgage Loan Officers
These mortgage professionals are licensed to operate in alabama and can help you navigate the application process for this program. They can answer your questions about eligibility, required documentation, and help you find the best financing options.
Licensed Mortgage Loan Officers in alabama
Connect with experienced mortgage professionals who can guide you through the home buying process and help you find the right loan program.
No Mortgage Loan Officers Available
We couldn't find any mortgage loan officers available for alabama at this time. Please check back later or contact our support team for assistance.
Contact SupportWhy work with a licensed mortgage loan officer?
Licensed mortgage loan officers have extensive knowledge of available programs, especially those for first-time homebuyers. They can help you navigate complex eligibility requirements and find the best financing options for your specific situation.
Disclaimer
Program availability, terms, and requirements may vary by lender and location. Additionally, programs are subject to change based on policy updates and market conditions. Always consult with a mortgage professional for the most current information and to determine eligibility for specific programs. The information provided on this website is for general informational purposes only and does not constitute financial, legal, or professional advice.