FHA Purchase Loan
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FHA purchase loans, backed by the Federal Housing Administration, offer a more accessible path to homeownership. Known for lower down payments (as low as 3.5% with a credit score of 580 or higher) and lenient credit qualifications, FHA loans cater to diverse financial situations. Even borrowers with higher debt levels may qualify, due to permissible higher debt-to-income ratios. Although mandatory mortgage insurance is required, the benefits of FHA loans often outweigh this cost, making them an ideal option for first-time buyers, those with limited savings, or those recovering from financial hardship. Explore the potential of FHA purchase loans today and make your dream home a reality.
Begin the home buying journey on the right foot by securing a clear mortgage plan. Having a solid financial strategy in place will ensure that your home search is guided by practical considerations, rather than emotions alone.
Getting pre-approved for a home loan is the crucial first step in your home buying journey. Here's why:
Know your budget - Pre-approval gives you an idea of what you can afford, allowing you to make informed decisions when shopping for a home.
Be a competitive buyer - Having a pre-approval letter shows sellers that you're a serious and committed buyer, making you stand out in a crowded market.
Streamline the process - The pre-approval process helps you identify any potential roadblocks early on, allowing you to address them before you find the home of your dreams.
Negotiate with confidence - Knowing that you have financing secured gives you the confidence to negotiate the best terms and price for your new home.
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5220 Hood Rd Ste 110
Palm Beach Gardens, Florida 33418
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Frequently Asked Questions
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What is the minimum credit score for an FHA loan?
FHA guidelines require a minimum FICO score of 580 for a 3.5% down payment and 500–579 for a 10% down payment. Individual lenders, however, may set their own higher minimums.
How much is the minimum down payment?
It is 3.5% with a credit score of 580 or higher, but FHA also allows gift funds from a family member, employer, or charity to cover the entire down payment.
What is the maximum debt-to-income (DTI) ratio?
The FHA guideline for DTI is 43%, though it can be more flexible depending on a borrower's overall financial profile. We are often able to qualify people with a debt ratio as high as 55%.
Is an FHA loan just for first-time homebuyers?
No, FHA loans are not limited to first-time homebuyers; repeat buyers can also use the program.
What are the income requirements?
There are no income limits for FHA loans, but lenders will verify a history of steady employment and consistent income to ensure the loan is affordable.
Do FHA loans require mortgage insurance?
Yes, all FHA loans require both an upfront and an annual Mortgage Insurance Premium (MIP), regardless of the down payment amount.
How is FHA mortgage insurance different from PMI?
With a conventional loan, Private Mortgage Insurance (PMI) can be canceled once you reach 20% equity. For FHA loans with a down payment of less than 10%, MIP must be paid for the life of the loan. If you put 10% or more down, MIP is canceled after 11 years.
How much are the MIP premiums?
As of 2025, the Upfront MIP is 1.75% of the loan amount, and the Annual MIP varies based on the loan amount, term, and Loan-to-Value (LTV) ratio.
FHA vs. Conventional: which is more expensive?
FHA interest rates can sometimes be lower, but the mandatory mortgage insurance often results in a higher Annual Percentage Rate (APR). For borrowers with lower credit or a small down payment, an FHA loan might be the cheaper option.
Do sellers prefer conventional loans over FHA loans?
Some sellers may prefer conventional loans because FHA loans have stricter appraisal requirements that can potentially delay closing if repairs are needed.
How do down payments compare?
Conventional loans can have down payments as low as 3%, but typically require a higher credit score for such low down payment options compared to FHA's 3.5% minimum.
Is the loan only for single-family homes?
No, FHA loans can be used for single-family homes, multi-unit properties (up to four units, as long as you live in one), approved condominiums, and some manufactured homes.
How long does it take to close on an FHA loan?
The process can take anywhere from 30 to 60 days, depending on factors like the lender, location, and the property's condition.
Interconnect Mortgage Inc. is an Equal Housing Lender. We fully comply with the Equal Credit Opportunity Act (ECOA) and all other Federal regulations. All applicants applying for credit from Interconnect Mortgage Inc. will never be discouraged on on the basis of race, color, religion, national origin, sex, military status ,marital status, age, or because you get public assistance. All information we request is voluntary, and will be kept confidential. For more information on the ECOA, please visit:
These materials are not from HUD, FHA, the USDA, or the VA. These materials were not approved by any government agency. They are independent of any government agency. We are not in any way affiliated with any organization listed or referenced within this website, including
HUD/FHA/USDA/VA. The inclusion of various education, information, web links, or materials are not an endorsement of the Sender or any of its employees or business partners.
*When refinancing your existing loan, it's important to understand that while your monthly payments may decrease, the total finance charges you pay over the entire life of the loan could ultimately be higher.
For information directly from HUD/FHA, visit https://www.hud.gov/guidance
For information directly from the VA, visit http://www.benefits.va.gov/HOMELOANS/
For information directly from the USDA, visit https://www.usda.gov/
© Copyright 2025 | Interconnect Mortgage Inc. | All rights reserved.
© Copyright 2025 | Interconnect Mortgage Inc. | All rights reserved.