FHA stands for Federal Housing Administration. An FHA loan is a mortgage insured by the FHA, which is a part of the U.S. Department of Housing and Urban Development (HUD). These loans are designed to help low to moderate-income borrowers secure homeownership with more flexible qualification requirements.

- FHA loans are available to a wide range of borrowers, including first-time homebuyers and those with lower credit scores. Eligibility criteria include having a steady employment history and a valid Social Security number.

FHA loan limits vary by location and are set by the government. The maximum loan amount is influenced by the cost of housing in a particular area. You can check the FHA loan limits for your area on the HUD website.

The minimum down payment for an FHA loan is typically 3.5% of the purchase price. This is lower than the down payment required for many conventional loans.

While FHA loans are more lenient with credit requirements compared to some conventional loans, a higher credit score can improve your chances of approval. Generally, a credit score of 580 or higher is required to qualify for the 3.5% down payment option.

Yes, FHA loans can be used for refinancing existing mortgages. There are different types of FHA refinancing options, including FHA Streamline Refinance and Cash-Out Refinance.

There are no strict income limits for FHA loans, but the borrower's debt-to-income ratio is an important factor in the approval process. Lenders want to ensure that borrowers have the financial capacity to repay the loan.

- No, FHA loans are intended for primary residences only. They cannot be used to finance investment properties or vacation homes.

- Borrowers are responsible for various fees, including an upfront mortgage insurance premium (UFMIP) and an annual mortgage insurance premium (MIP). These premiums help protect lenders in case of borrower default.

- To apply for an FHA loan, you can call our Toll Free # 1-877.466.1211 and speak with a qualified loan advisor instantly! The application process involves providing documentation related to your income, employment, credit history, and other relevant information.