FHA Purchase

Benefits of a FHA Purchase Loan

Low Down Payment

Just 3.5 % down for borrowers with a 580+ FICO.
Flexible Credit Guidelines

FHA Loans have less restrictive credit requirements than conventional loan programs.
Assumability

A future buyer can assume the loan—often at yesterday’s lower rate—giving sellers a marketing edge.
Down Payment Assistance Friendly

Most state and local DPA grants and forgivable seconds are designed to layer with FHA financing.
Upfront Mortgage Insurance (UFMIP)

May be financed or paid in cash.
Seller Contributions

The FHA permits sellers to contribute up to 6 % of the home’s purchase price toward the borrower’s closing costs and prepaid expenses.

Frequent Questions Regarding Conventional Purchases

Can my entire 3.5 % down payment be a gift?

Yes. For 1‑unit primary residences, 100 % of the down payment and even closing costs may come from a relative, fiancé, or approved charitable organization—provided the donor signs a gift letter and funds are properly documented.

How soon after bankruptcy or foreclosure can I get an FHA loan?

Chapter 7: two years after discharge (with re‑established credit). Chapter 13: after 12 on‑time plan payments and court approval. Foreclosure: three years from the deed‑transfer date. Extenuating circumstances can shorten the wait.

When and how can I remove FHA mortgage insurance?

If you started with <10 % down, annual MIP stays for the life of the loan. With ≥10 % down it ends after 11 years. Many borrowers drop MIP by refinancing into a conventional loan once equity reaches 20%.

Are student‑loan payments counted differently?

Yes. FHA uses the greater of the actual payment or 0.5 % of the outstanding loan balance (down from 1 %), making qualification easier for borrowers on income‑driven repayment plans.

Find Out More

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FHA Purchase  Loans

The FHA Loan Purchase

Benefits of a FHA Purchase Loan

Frequent Questions Regarding Conventional Purchases

Let's Talk FHA Purchase Loans