FHA loans are government-backed mortgages designed to make homeownership more accessible, especially for first-time buyers with lower credit scores or limited savings.
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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.
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
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
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
Get personalized rates and find programs you qualify for. Calculate payments with ease and make your dream of homeownership a reality.
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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.
Connect with experienced mortgage professionals who can guide you through the home buying process and help you find the right loan program.
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Contact SupportLicensed 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.
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.