FHA Loans in St Augustine and throughout the state.

FHA home loans are mortgage loans that are insured against default by the Federal Housing Administration (FHA). FHA loans are available for single family and multifamily homes. The FHA does not issue loans or set interest rates, it just guarantees against default.

FHA loans allow individuals who may not qualify for a conventional mortgage, especially first-time homebuyers, to obtain a loan. These loans offer low minimum down payments, reasonable credit expectations, and flexible income requirements. The FHA loan is designed to help low- to moderate-income families attain homeownership. They are particularly popular with first-time homebuyers.

If you have a credit score of at least 580, you can borrow up to 96.5% of the value of a home with an FHA loan, as of 2022. That means the required down payment is only 3.5%.

If your credit score falls between 500 and 579, you can still get an FHA loan as long as you can make a 10% down payment.

What Are FHA Loan Requirements?

Your lender will evaluate your qualifications for an FHA loan as it would any mortgage applicant, starting with a check to see that you have a valid Social Security number, reside lawfully in the U.S., and are of legal age (according to your state laws).

FHA loan criteria are less rigid in some ways than a bank's loan criteria. However, there are some more stringent requirements.

Whether or not it's an FHA-guaranteed loan, your financial history will be examined when you apply for a mortgage.