828.348.1907 Zachery@GoPrime.com

FHA Mortgage Loan

Is an FHA loan right for you?

Advantages of FHA Loans:

  • Required down payment is only 3.5% of the purchase price.
  • Money for the down payment can be gifted.
  • Bankruptcy or foreclosure does not necessarily disqualify a borrower.

If you are shopping for a home and would like to learn more about the benefits and advantages of FHA loans, contact Zachery Adam at 828-348-1907 today. 

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FHA Loan

FHA Loan

FHA Loan

An FHA loan can be an excellent choice for a home buyer with someone a spotty credit history. With its low down payment requirements and lenient credit standards, an FHA loan may be affordable if you don’t have a lot of upfront cash to put down.

What is an FHA Loan?

An FHA Loan acts as a gateway to homeownership for lower incomes, lower credit scores, or minimal down payments. Borrowers choosing an FHA loan are eligible for a loan with only as little as 3.5% down with a mortgage insurance premium. FHA loans have been making homeownership more accessible for decades. 

History of an FHA Loan

The National Housing Act of 1934 created the Federal Housing Administration (FHA). The program originated during the Great Depression of the 1930s, when the rates of foreclosures and defaults rose sharply. The FHA makes no loans or builds houses. It is the largest insurer of residential mortgages, insuring tens of millions of properties since 1934 when it was created. Now FHA primarily serves people who cannot afford a conventional down payment.

FHA Loan Requirements


To qualify for an FHA home loan, you’ll need to meet these requirements:

  1. MIP (Mortgage Insurance Premium ) is required.
  2. The home must be the borrower’s primary residence.
  3. The borrower must have a steady income and proof of employment.

Work History

The borrower must have a steady income and proof of employment. The following are the employment requirements for FHA loans per the FHA handbook 4000.1. L

  • Must verify work history – The standard procedure for FHA-approved lenders is to verify employment with the current employer. 

Housing Guidelines

FHA loan can only be used for a primary residence (instead of an income property or vacation home). An FHA-approved appraiser has to appraise the property and ensure it meets FHA properties’ Housing and Urban Development guidelines.

Debt-to-Income Ratio

Your DTI ratio is the percentage of your gross monthly income used to make your monthly debt payments.


FHA Loan


FHA Loan

Pros of an FHA Mortgage Loan

  • Low down payment with low credit scores. 
  • Lower credit score with a higher down payment. Applicants with credit problems, including bankruptcy or foreclosure in their recent financial history, may still qualify for an FHA loan when they are likely to be turned down for a conventional loan.
  • A higher debt-to-income ratio (DTI) is allowed. 
  • Housing options. An FHA Mortgage Loan can be applied to several housing types: a single-family home, a multifamily home with up to four units, a condominium, or a manufactured home that’s on a permanent foundation. 
  • No income limits. Higher-income earners with credit problems can qualify for FHA financing with a minimum down payment. 


The best loan to fit your situation at GoPrime Mortgage

If you’re shopping for a house and mortgage today, you have more choices than ever before. Independent mortgage lenders like GoPrime Mortgage, Inc. provide a full range of loan products and competitive rates. The most effective independent mortgage lenders work with you to get the best loan to fit your situation. Learn more about your mortgage loan options; schedule a face-to-face consultation with Zachery Adam and Team with GoPrime Mortgage, Inc. today. There’s no obligation.

Getting approved for your first mortgage — or your fifth — is now more attainable than ever. That’s because you have more choices than ever before. The rise of independent mortgage lenders fills a growing need in every community in North Carolina.




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