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FHA Home Loans

What is an FHA Loan?

An FHA loan is a mortgage backed by the Federal Housing Administration (FHA) and issued by FHA-approved lenders. Designed for low-to-moderate income borrowers, FHA loans are a popular choice for first-time homebuyers and others with less-than-perfect credit.

Who Should Consider an FHA Loan?

You may benefit from an FHA loan if you:

  • Have a credit score of 580+ (or as low as 500 with a 10% down payment)

  • Want a low down payment option (as little as 3.5%)

  • Need flexible credit and income requirements

  • Are buying or refinancing a primary residence

Key FHA Loan Benefits

✅ 3.5% down payment (with a credit score of 580+)

✅ Credit scores from 500+ accepted (with 10% down)

✅ Flexible debt-to-income (DTI) ratios

✅ Competitive interest rates

✅ Refinancing and renovation loan options

✅ Gift funds allowed for down payment and closing costs

FHA Loan Requirements

Must be a primary residence

FHA-approved appraisal and home inspection required

Upfront Mortgage Insurance Premium (MIP): 1.75%

Annual MIP: 0.15%–0.75%, depending on loan terms

Loan limits vary by county and property type

FHA Loan Types

Standard FHA Purchase – Buy a home with low down payment options.

FHA Streamline Refinance – Lower your rate with minimal documentation.

FHA 203(k) Renovation Loan – Finance home repairs and upgrades.

Limited: For minor cosmetic updates

Standard: For major structural improvements

FHA vs. Conventional Loans

Feature

FHA Loan

Conventional Loan

Min. Down Payment

3.50%

3%

Credit Score Requirement

580 (500 with 10% down)

620+

Mortgage Insurance

MIP (for life or 11 years)

PMI (canceled at 20% equity)

Loan Backing

Government (FHA)

Fannie Mae / Freddie Mac

FHA Loan Limits (2025)

Low-Cost Areas: Up to $524,225

High-Cost Areas: Up to $1,209,750

(Limits vary by county and number of units)

Is an FHA Loan Right for You?

FHA loans are a great choice if you're:

  • A first-time buyer

  • Rebuilding credit

  • Looking for low upfront costs

  • Considering a fixer-upper or refinancing

Start Your FHA Loan Journey

We make it simple. Apply online or speak with a mortgage expert today.

👉 [Start My Approval]

👉 [See My Loan Options]

First-Time Homebuyers

Conventional

FHA Purchase

Investment

VA Loans

USDA Loans

Fixed Rate

Manufactured Homes

No Credit Score

Purchase with a Reverse

How We Help You Become a Happy Homeowner

Start the conversation – Call us at 888.730.5200

We'll work together to find the right loan for your goals

Enjoy life as a happy homeowner with stability and confidence

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Carrollton Mortgage Co. is licensed in California.  The intent of this website is only to advertise to those interested in financing real estate in California.