Did You Know?

FHA loans are one of the best options for young, first-time home buyers who have not had as much time to save for a large down payment or establish a high credit score.

Get an FHA Refinance Loan
Get an FHA Purchase Loan
Get an FHA Refinance Loan
Get an FHA Purchase Loan
Click to Start Your Refinance or Purchase Loan

Getting Ready for Your FHA Loan Application

Getting Ready for Your FHA Loan Application
The FHA loan process is straightforward and has been successfully navigated by millions of homeowners. If you're considering an FHA loan to finance your home purchase, it pays to be prepared. To avoid mistakes before you start your loan application, homebuyers should keep these tips in mind:
  • Misunderstanding the loan limit:
    Homebuyers should be aware of the FHA loan limit for their area and ensure that the home they are interested in purchasing falls within that limit.
  • Underestimating the cost of mortgage insurance:
    FHA loans require mortgage insurance, and this cost can add up over time. Homebuyers should factor in the cost of mortgage insurance when determining their monthly payments.
  • Not having a solid employment history:
    The FHA requires borrowers to have a steady employment history, so homebuyers should ensure that they have a stable job before applying for a loan.
  • Not repairing credit before applying:
    The FHA requires a minimum credit score of 580, and a higher score can result in better loan terms. Homebuyers should take steps to improve their credit before applying for a loan.
  • Not shopping around for the best interest rate:
    Homebuyers should shop around and compare interest rates from multiple lenders to find the best deal.
  • Ignoring closing costs:
    Homebuyers should factor in the cost of closing, including title insurance, appraisal fees, and other costs, when determining their budget.
  • Not getting pre-approved:
    Homebuyers should get pre-approved for a loan before starting the home-buying process. This will help them understand their budget and avoid overspending.
  • Not working with a real estate agent:
    A real estate agent can provide valuable guidance throughout the home-buying process and help homebuyers avoid common mistakes.
By avoiding these mistakes, homebuyers can ensure a smoother and more successful experience with an FHA loan.


Don't Skip the Home Inspection
Bigger is Better With a Jumbo Loan
Insuring Mortgages With the FHA Funding Fee
See Your Credit Scores From All 3 Bureaus
See Your Credit Scores From All 3 Bureaus

FHA Loan Articles

When not to Consider Refinancing a Home

There are plenty of reasons to delay plans to refinance a home. One reason has made big headlines. When borrowers face higher interest rates than originally approved for, that is a good reason to wait to refinance.

How FHA Construction Loan Draw Disbursements Work

When you are approved for an FHA One-Time Close Construction loan, you get a single loan that pays for both the costs to build the house, and serves as the mortgage. One application, one approval process, and one closing date.

Mortgage Rate Predictions for 2024

In the last days of November 2023, mortgage loan rates flirted with the 8% range but have since backed away, showing small but continued improvement. What does this mean for house hunters considering their options to become homeowners soon?

Is It Cheaper to Buy a Home With an FHA Loan or to Rent?

In May 2023, USA Today published some facts and figures about the state of the housing market in America. If you are weighing your options for an FHA mortgage and trying to decide if it’s cheaper to buy or rent, your zip code may have a lot to do with the answers you get.

Why Do FHA Loans Have Borrowing Limits?

FHA loan limits serve as a crucial mechanism to balance financial sustainability, regional variations in housing costs, and the agency's mission to promote homeownership, particularly for those with limited financial resources.

FHALoan.com is not a government agency. We do not offer or have any affiliation with loan modification, foreclosure prevention, payday loan, or short term loan services. Neither FHALoan.com nor its advertisers charge a fee or require anything other than a submission of qualifying information for comparison shopping ads. We do not ask users to surrender or transfer title. We do not ask users to bypass their lender. We encourage users to contact their lawyers, credit counselors, lenders, and housing counselors.

SecureRights Advertiser Contact Information