Zapa Mortgage

FHA Loans for First-Time Homebuyers

FHA loans can help you buy your first home with a down payment as low as 3.5%.

What is an FHA Loan?

FHA loans are government-backed mortgages designed to make homeownership more accessible for a wider range of borrowers. Unlike conventional loans, FHA loans are insured by the Federal Housing Administration, which allows lenders to offer more favorable terms to borrowers who may not meet traditional lending requirements, including lower credit scores and smaller down payments.

Key Benefits of FHA Loans

Low Down Payment

FHA loans typically require a down payment as low as 3.5% of the purchase price, making it easier to buy a home with limited savings.

Flexible Credit Requirements

While good credit is important, FHA loans are more lenient when it comes to credit scores, making them a viable option for those with less-than-perfect credit.

Competitive Interest Rates

FHA loans often feature competitive interest rates, helping you save money over the life of your loan.

Streamlined Refinancing

If you already have an FHA loan, you may qualify for streamlined refinancing options that can lower your monthly payments.

Assumable Mortgages

FHA loans are assumable, meaning that if you decide to sell your home, the buyer can take over your FHA loan with its existing terms (subject to lender approval).

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FHA Loan Types

There are two main types of FHA loans:

FHA Purchase Loans

These loans are used to purchase a new home.

FHA Refinance Loans

These loans are used to refinance an existing mortgage.

FHA Loan Eligibility Requirements

01 US citizen or permanent resident

You must be a US citizen or permanent resident to qualify for an FHA loan..

02 Valid Social Security number

You must have a valid Social Security number to qualify for an FHA loan.

03 Steady income

You must have a steady income to qualify for an FHA loan. The lender will review your income to ensure that you can afford the monthly mortgage payments.

04 Down payment of at least 3.5%

The minimum down payment requirement for an FHA loan is 3.5% of the purchase price of the home. However, you may want to put down more than 3.5% to reduce your monthly mortgage payments and build equity in your home more quickly.

05 Credit score requirements

The minimum credit score requirement for an FHA loan is 580. However, you may be able to qualify for an FHA loan with a lower credit score if you have a larger down payment or if you have a cosigner.

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Bilal Ameen

2023-09-06

Hamza and team were super helpful! Amazing work got my home loan done in 14 days which is unheard off. Super responsive and respectful, highly recommended!

Eugeni Entchev

2023-08-21

I would say they definitely did everything possible to make it work and close on time.

Gulshan Hoti

2023-08-19

It was an excellent experience working with Zapa team,everything was smooth and kept me posted throughout the entire process,they went above and beyond and we closed on everything before the anticipated date,definitely recommended.Look no further than Zapa mortgage.

Kashif Soomro TX-Houston

2023-08-17

Very nice team They closed my house in 9 working days only Dedicated to their field helped me to get lowest interest rate in today’s market I have recommended my friend as well

Waleed Ashfaq

2023-08-15

I had an outstanding experience with them specifically Saif, Hamza and Edi bhai. Their expertise and professionalism were evident from the start. They guided me through the entire process with ease, ensuring I understood every step. They secured a fantastic mortgage rate that exceeded my expectations. I highly recommend their excellent services to anyone seeking a mortgage.

Arif Aziz

2023-08-04

Very good and professional service. Hamza was excellent and very helpful.

Mohammed Zaheer

2023-08-03

Edi and team did a good job

Jamil Karim

2023-08-03

I am very happy to work with Zapa Mortgage team very sincerely and hardworking team especially hamza Bahi and Edi Shaikh Shahab also thought a lot They did my loan work on time, and now i am very happy to my new home. I say the best mortgage company is this Thanks to Zapa Mortgage Team

ASIM SALEEM

2023-06-23

It was great working with Zapa mortgage, I was able to close on time and was guided by then throughout the process. I would definitely recommend them 👍

Frequently Asked Questions!

What is the maximum FHA loan amount?

The maximum FHA loan amount varies depending on the county where the property is located.

Can I use an FHA loan to buy a multi-family home?

Yes, you can use an FHA loan to buy a multi-family home. However, the maximum loan amount is higher for multi-family homes.

Can I use an FHA loan to buy a vacation home?

Yes, you can use an FHA loan to buy a vacation home. However, you must intend to use the home as your primary residence within one year of purchase.

What can I do if I don't qualify for an FHA loan?

If you don't qualify for an FHA loan, there are a few things you can do: Improve your credit score. Increase your down payment. Get a co-signer. You may also want to consider other types of loans, such as a conventional mortgage or a USDA loan. However, these loans may have more stringent credit scores and down payment requirements than FHA loans.

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Questions & Answer

Additional information for first-time homebuyers

First-Time Homebuying Guide

Remember that buying your first home is a significant milestone, and being well-prepared and informed can lead to a successful and fulfilling homeownership experience.

The home buying process

How to get pre-approved for a mortgage

How to find a real estate agent

How to make an offer on a home

How to inspect a home