If you’re trying to repair your credit or have limited funds for a downpayment, home ownership can still be a possibility with an FHA loan. Finance of America Mortgage provides opportunities for borrowers that previously could not qualify for a conventional. Backed by the Federal Housing Administration (FHA), there are options for borrowers without a credit score as well as flexible guideline requirements.
FHA Loans are especially attractive to…
- Buyers with lower credit scores or poor credit history
- First-time homebuyers or buyers with limited savings for a downpayment
- Low to moderate income buyers
Loan Features
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Qualify with poor credit
Borrowers with a bankruptcy or foreclosures in their credit history may still qualify.
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Competitive interest rates
Low credit score borrowers can still qualify for competitive rates to help keep monthly home ownership costs down.
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Fixed rate loan terms
Fixed rate terms stay the same through the life of the loan so monthly mortgage payments are predictable.
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Fixer upper financing available
A FHA 203(K) loan rolls the home purchase and remodeling costs into one loan.

FHA Loan
Frequently Asked Questions
There are several types of FHA loan programs. Requirements and lending limits vary from state to state, and sometimes by county. Contact an FOA mortgage advisor to help you understand all your options and requirements for your area.
FHA loans are not directly from the Federal Housing Administration. Instead, the FHA guarantees the loan so borrowers with little to no money saved for a downpayment, or those who have lower credit scores, can still obtain a mortgage through a lender.
Flexible credit options provide opportunities for home ownership to borrowers with lower credit scores. Flexible credit options provides opportunity for home ownership.
Borrowers who are 2 years from discharge or bankruptcy and are not delinquent on federal debts or taxes may qualify for a FHA loan.
Mortgage rates on loans insured by the FHA fluctuate just like conventional fixed-rate mortgage loans but can have a lower base rate than a conventional loan with the same terms. Borrowers can lower their interest rate on an FHA loan by paying discount points.
FHA loan requirements include paying two types of mortgage insurance premiums (MIP): Up Front Mortgage Insurance Premium (UFMIP) which the borrower can pay as a lump sum in cash or include it in the loan amount, and an Annual MIP. Currently, UPMIP is 1.75% of the loan amount and MIP is approximately 0.85% of the loan amount.
Contact an FOA advisor to discuss how much you qualify for an requirements in applying for an FHA loan.
Calculators
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Mortgage Calculator
Using a mortgage calculator can help you calculate monthly payments on a home loan.
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Refinance Calculator
Use our refinance calculator to determine whether the costs of refinancing into a new home loan makes sense for your financial situation.
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Mortgage Affordability Calculator
Use our mortgage affordability calculator to see how much home you can afford.
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Why Finance of America Mortgage?
We’re not about pushing loan papers. We’re about moving your dream forward. And we do that through knowledgeable local advisors, a personal approach, and a variety of smart loan options.