FHA Loan Programs

Offering a low down payment and flexible guidelines, an FHA loan is ideal for first-time homebuyers.

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An FHA mortgage loan is insured by the Federal Housing Administration (FHA), operating under the U.S. Department of Housing and Urban Development. The FHA loan program can be used for the purpose of purchasing, refinancing, or renovating a property. Unlike other loan programs, gift funds can contribute to the down payment. Benchmark Mortgage Companies, an affiliate of Tidewater Home Funding, LLC., has approved delegated underwriting authority with FHA.

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Loan Program Benefits

FHA-insured mortgages can help more people enter the homebuying market. Some benefits an FHA mortgage loan program offers includes:

Easier to qualify for than other mortgage loan programs because an FHA loan is backed by the Federal Government
FHA-insured mortgages require a lower down payment and gifts can contribute to the down payment funds
Offering more flexibility, those with lower credit may have an easier time qualifying
FHA loan programs typically have better interest rates than most traditional mortgage loans
Designed to keep homeowners in their homes, the FHA offers various programs to help homeowners during difficult times to keep your home from falling into foreclosure

Loan Program Qualifications

Qualifying for a home mortgage loan can be difficult especially without a sizable down payment and moderate credit report. There are fewer restrictions when qualifying for an FHA loan compared to other loan porgrams. Qualifications for an FHA loan include:

Property must be your primary residence
Employement status of at least 2 years
Steady, or increasing, income over a 2-year period
History of on-time payments with no more than 2 missed payments on your credit
Monthly mortgage payment should be roughly 30% of your gross income
Minimum down payment paid of 3%
Agree to 2.250% in closing costs
Only certain properties are eligible including single-family homes, condominiums, double-wide manufactured homes, modular homes, and 2-4 unit properties
If you've filed bankruptcy, you must wait at least 2 years and have good credit since filing
Those with foreclosures must wait at least 3 years since the most recent foreclosure

This is not a commitment to lend. All loans subject to program guidelines including credit and property approval. If refinancing an existing loan, the total finance charges may be higher over the life of the loan. These materials are not from HUD, VA, or FHA and were not approved by HUD or any other government agency.

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Carter has been a wonderful lender for our clients and someone we can always count on. She's quick, responsive, creative and proactive and always has our clients' best interest at heart. She's our go-to lender not only for our buyers, but for anything we purchase ourselves. Highly recommend!

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