Why Choose an FHA Mortgage?

Home loans insured by the Federal Housing Administration (FHA) can make it easier for your members to qualify to purchase or refinance a home. This loan option offers flexible qualification guidelines to help people who may not qualify for a conventional mortgage.

Increases chances of buyer eligibility

First-time home buyers programs

For those that may not qualify for conventional home loans

Low down payment (as low as 3.5%)

Allows for alternative credit sources

Allows borrowers to qualify with credit scores as low as 600

Cash out refinancing

Seller can credit up to 6% of the sales price toward buyers closing costs and prepaid items

General Guidelines:

  • Must be owner occupied by Borrower -Non occupying co-borrower(relative allowed)
  • 1-4 family owner occupied
  • Typically can only have one FHA loan
  • Up to a four unity property, with at least one unit owner occupied
  • Condos must be on HUD approved list

Job Requirement Guidelines:

  • W-2 Self Employed Borrowers allowed. *HUD’s income and employment requirements must be met.

Mortgage Insurance: 

  • Monthly MIP based on LTV and Mortgage Term
  • Up-Front MIP of 1.75% included in the loan amount

*Fairway is not affiliated with any government agencies. These materials are not from HUD or FHA and were not approved by HUD or a government agency.