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FHA Loans

The Flexible Path to Homeownership

Dreaming of owning a home? FHA loans make homeownership more accessible. Whether you’re a first-time buyer, working to improve your credit, or don't have a large down payment saved, FHA loans provide a flexible, affordable path to unlock your new home.

What Is an FHA Loan?

An FHA loan is a mortgage insured by the Federal Housing Administration (FHA). This insurance protects the lender if a borrower defaults, which allows lenders (like us!) to offer easier qualifications, smaller down payments, and more forgiving credit requirements than conventional loans.

In short: It’s designed to help everyday people become homeowners.

FHA Loan Highlights

Low Down Payment

As little as 3.5% down with a 580+ credit score

Flexible Credit

FHA allows credit scores as low as 500 (with 10% down)

Gift Funds Allowed

Your down payment can come from a family member, employer, or approved assistance program

Seller Contributions

The seller can cover up to 6% of closing costs

Fixed or Adjustable Rates

Choose a 30-year or 15-year term that fits your goals

Assumable Loans

If you sell your home, your buyer may be able to take over your low-rate FHA loan

FHA Loan Requirements

Here’s what you’ll generally need to qualify:

FHA Mortgage Insurance (MIP)

FHA loans include two types of mortgage insurance:

  1. Upfront MIP: 1.75% of the loan amount, usually rolled into your loan
  1. Annual MIP: A monthly premium added to your payment (ranges from 0.15%–0.75% depending on your down payment and term)

👉 The good news: If you put at least 10% down, you can remove MIP after 11 years.

Property Eligibility

FHA loans can be used to purchase or refinance:

  • Single-family homes
  • 2-4 unit properties (you can live in one and rent out the others!)
  • FHA-approved condos and townhomes
  • Certain manufactured homes on permanent foundations

FHA Streamline Refinance

Already have an FHA loan? You might qualify for an FHA Streamline Refinance, which offers:

  • No appraisal
  • Minimal documentation
  • Lower rates or shorter terms

It’s one of the easiest ways to reduce your monthly payment and save over the life of your loan.

Why Homebuyers Choose FHA Loans

  • Ideal for first-time buyers or anyone rebuilding credit
  • Lower barrier to entry (you don’t need perfect credit or a huge down payment)
  • Flexible approval standards for income and debt
  • Competitive interest rates
  • Options for down payment assistance and co-borrowers

When an FHA Loan Might Not Be the Best Fit

  • You’re buying an investment property or second home
  • You have strong credit and 20% down — a conventional loan could save you money on mortgage insurance
  • The property doesn’t meet FHA condition standards (for example, fixer-uppers needing major repairs — unless you use an FHA 203(k) Rehab Loan)

Bonus: FHA 203(k) Rehab Loan

Want to buy a home that needs a little (or a lot) of TLC? The FHA 203(k) program lets you wrap renovation costs into your mortgage, so you can buy and repair the home in one loan.

Perfect for:

  • Fixer-uppers
  • Homes needing modernization
  • Investors planning to live in and improve a property

Real Talk from Melissa Holt

“FHA loans are one of my favorite tools to help clients who’ve been told ‘no’ elsewhere finally get their ‘yes.’

If you’ve been renting, rebuilding credit, or think you’re not ‘ready’ yet — let’s talk. There’s a good chance we can make it happen sooner than you think.”

Next Steps

  • Get Pre-Approved — We’ll check your credit, income, and goals to confirm eligibility
  • Set Your Budget — Know exactly what you can afford before shopping
  • Find Your Home — Partner with your agent and start your search
  • Lock Your Rate & Close — We’ll guide you from application to keys in hand

HAVE QUESTIONS?

Do you have questions or a scenario you wish to discuss before proceeding?
No problem! You can call, text or email me anytime!

425-753-4247

About Me:

My name is Melissa Holt and I've been helping clients with home financing since 2001! I was a bank and retail lender for over 22 years and I now run my own broker business so I can help even more families! If you wish to learn about benefits of working with a broker, click HERE.

When I'm not working, I'm running between soccer practices and games, camping, visiting with friends or working on home projects. I love music and dancing! My passion is people and puzzles are my game!

Melissa J. Holt; NMLS #331083; [email protected]
Empire Home Loans, Inc. NMLS #1839243

PHONE: (425) 753-4247

Empire Home Loans, Inc., NMLS ID#1839243, CA DRE# 02086593, CFL License #60DBO-95315, AZ Lic: MB-1012019. Refer to www.nmlsconsumeraccess.org to see additional licensing information. The corporate office address is 4401 Hazel Ave., Ste. 135, Fair Oaks, CA 95628; www.empirehomeloans.com. This communication is for informational purposes only. This is not a commitment to lend. All programs are subject to change or cancellation at any time and without notice. Empire Home Loans, Inc. supports equal housing opportunity.