FHA Loans

What is an FHA Loan?

An FHA loan is a mortgage insured by the Federal Housing Administration, part of the U.S. Department of Housing and Urban Development (HUD). Because the government insures the loan, lenders like Prime Home Loans, Inc. can offer lower down payments and more flexible credit requirements than many conventional programs — making it one of the most accessible paths to homeownership for first-time buyers, borrowers rebuilding credit, and newcomers to the U.S. establishing their financial footing. FHA loans are used to buy or refinance a primary residence (1–4 unit properties) and can be a strong fit when a conventional loan is out of reach.

Why Choose an FHA Loan?

Tailored Financing: Our FHA Loans provide borrowers with flexible terms and lower down payment requirements, making homeownership more accessible to a wider range of individuals.
Lower down payment: As little as 3.5% down, so you can buy sooner with less cash upfront.
Expert Guidance: Benefit from personalized support and guidance from our experienced team, ensuring that you understand the FHA loan process and find the best financing solution for your needs.
Government Backing: With the backing of the Federal Housing Administration, our FHA Loans offer added security for both borrowers and lenders, fostering confidence in the mortgage process.
Regional Coverage: Prime Home Loans, Inc. caters to clients across Texas, Tennessee, Georgia, Alabama, Florida, South Carolina, Maryland, New Jersey, and Virginia, providing localized expertise to help you navigate the FHA loan landscape effectively.

Advantages of FHA Loans

Lower Down Payment: FHA Loans typically require a lower down payment compared to conventional loans, allowing more individuals to qualify for financing.
Flexible Credit Requirements: With more lenient credit score requirements, FHA Loans offer a viable solution for borrowers with less-than-perfect credit histories..
Assumable Loans: FHA Loans are assumable, allowing future buyers to take over the existing loan under certain conditions, providing potential benefits in resale scenarios.

Start Your Homeownership Journey Today

Embark on your path to homeownership with an FHA Loan from Prime Home Loans, Inc., where customized service meets government-backed financing solutions. Contact our team today to explore the best FHA loan options available to you and take the first step towards owning your dream home with confidence and security.

Frequently Asked Questions

What credit score do I need for an FHA loan?

You can qualify for the 3.5%-down option with a credit score of 580 or higher. Scores between 500 and 579 may still qualify with a 10% down payment. If you held an American Express card abroad, you may also have a head start — see our guide on whether American Express builds credit and how newcomers can qualify.

How much is the FHA down payment?

The minimum is 3.5% of the purchase price for borrowers with a 580+ credit score. Down-payment gift funds from family members are allowed.

What is FHA mortgage insurance (MIP)?

FHA loans require an upfront mortgage insurance premium (1.75% of the loan amount, which can be financed) plus an annual premium paid monthly. This insurance is what lets FHA offer low down payments.

Can a visa holder or newcomer to the U.S. get an FHA loan?

Yes — FHA loans are available to lawful permanent and many non-permanent residents with valid status, an SSN or ITIN, and qualifying income and credit. See our guide on buying a house in the U.S. on a visa.