FHA Home Loans
Great For First-Time Buyers
FHA loans are built with the first-time homebuyer in mind, but you don't have to be a first-timer to use them. With low down-payment options, low credit-requirements, and low interest-rates, these programs make it easier to finance a home for just about anyone.
If you agree with ANY of the below, an FHA loan may be best for you!
You're a first-time homeowner.
You want to put a small amount down.
You have okay credit that's at least 580.
You're looking to remodel your home.
This will be your primary home.
Know your home budget.
Download our free app, and know exactly how much a home could cost.
*Disclaimer, Assumptions, & FAQs
The information on this page is not meant to be a quote. So if you want an ACTUAL interest rate quote or if you're just curious what you may be eligible for, just ask us!
Annual Percentage Rate (APR) effective 9/15/17. Rates based on NFLP’s average customer FICOs for 2017. Rates may change or not be available at the time of lock. Not an offer to enter into an interest rate or discount point agreement. Any such agreement may only be made in writing by both the borrower and the lender. Network Funding, LP reserves the right to change or cancel this offer without notice. Subject to applicable laws and regulations. Monthly payment excludes mortgage insurance, homeowners insurance, property taxes and HOA.
For the information discussed on this page, we're assuming the following: $300,000 purchase. $289,500 loan amount. $1406 P&I. 4.000%(5.089% APR). 686 FICO.
Why are FHA Loans good for first-time buyers?
FHA loans are good for first-time homebuyers because they make owning a home possible for families that might not have a lot saved up yet or don’t have “perfect” credit. With low down payment options and typically lower interest rates than conventional loans, FHA loans are a great option for many first-time homebuyers.
When is it best to put more down on a FHA Loan?
Generally it’s not. Putting more down on a FHA loan does not generally improve the terms or interest rate. However, it does mildly improve the Mortgage Insurance Premiums (MIP).
On a 30-year Fixed Loan, there is a slight improvement if the borrower puts 5% (or more down) vs. the minimum required 3.5%.
On a 15-year Fixed Loan, there is a slight improvement if the borrower puts 10% (or more down) v the minimum required 3.5%.
What are my options for remodeling with a FHA Loan?
Network Funding offers the Limited FHA 203(k) mortgage program. This program allows for the financing of the remodel of a home, but it is limited in as far as the extent of the work, the timeline and the amount you can finance.
Eligible Property Types:
1-2 Unit Primary Residence
FHA Approved Condominiums
Amount of Repairs:
Max $35,000 total rehabilitation cost
Type of Repairs:
- No Structural Repairs
Can I buy a vacation or investment property with an FHA Loan?
Unfortunately, no. FHA loans are for primary residence transactions only.
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