Best FHA Lenders for Mortgages
- Overview of the best FHA lenders for mortgages
- Best FHA lenders for mortgages
- Summary of the best FHA lenders for mortgages
- Why you should use the best FHA lenders for mortgages
- Why you shouldn’t use the best FHA lenders for mortgages
- Bottom line
Overview of the best FHA lenders for mortgages
|Bank of America||In-person assistance|
|Quicken Loans||Online and phone help|
|Rocket Mortgage||Mobile app|
|AmeriSave||Lower credit scores|
|Carrington Mortgage Services||Nontraditional credit history|
|Mr. Cooper||Low credit scores|
|Caliber Home Loans||Veterans seeking FHA loans|
|Alterra Home Loans||Immigrant families|
|PrimeLending||Closing cost assistance|
Best FHA lenders for mortgages
Bank of America
Carrington Mortgage Services
Caliber Home Loans
Alterra Home Loans
Summary of the best FHA lenders for mortgages
|Lender||Minimum credit score||Minimum down payment||FHA 30-year fixed APR|
|Bank of America||600||3.5%||Not listed|
|Mr. Cooper||580||3.5%||Not listed|
|Caliber Home Loans||580||3.5%||Not listed|
|Alterra Home Loans||550||3.5%||Not listed|
How long do I have to pay FHA mortgage insurance?
Can I refinance my FHA mortgage?
Why should I shop for an FHA loan?
Are FHA loans only for first-time buyers?
Why you should use the best FHA lenders for mortgages
- You have a credit score as low as 500.
- Down payment as low as 3.5%.
- 580 credit score may be required to have a down payment as low as 3.5%.
- A mortgage insured by the Federal Housing Administration.
- Liberal FHA rules on gifts of down payment money.
Why you shouldn’t use the best FHA lenders for mortgages
- Closing costs may be required that aren’t in conventional loans.
- FHA loan limits may not be enough to purchase the home you want.
- No jumbo loans.
- A 10% down payment may be needed if a credit score is between 500 and 579.
- Total monthly debt payments can’t be more than half your pretax income, making it hard for people with high debt to qualify. This is the debt-to-income ratio.
- The property must meet FHA's health and safety requirements.
- An appraisal that’s separate and different from a home inspection is required.
- Mortgage insurance is built into every FHA loan if the down payment is less than 10%.
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