What Exactly is an FHA loan?

Good question. An FHA loan isn’t really a loan, it’s a program that insures home loans. The FHA (Federal Housing Administration) doesn’t actually fund your home loan in any way. The FHA simply provides mortgage insurance to help consumers become homeowners. In other words, the FHA insures lenders from losses associated with homeowner default. This helps mortgage lenders prepare mortgages for people who might not otherwise qualify for a loan. That’s pretty much it. To keep things simple, we (and most other mortgage lenders) call any loans insured by the FHA, “FHA Loans.”

Should I get an FHA loan?

Do you want to buy a house with a small down payment? Are you a first-time home buyer? Do you have lower credit (credit as low as 580 may qualify)? Are you concerned that you don’t make enough money to qualify for a home loan and cover all expenses? If any of these are true, an FHA loan may be a great solution for you. Even if you have good credit and a down payment, the increased options of FHA home loans make them attractive choices for your mortgage.

Buy a home with a very small down payment

A great point about FHA loans is that you can buy a house with a tiny down payment – only 3.5%. That’s one of the lowest down payments for any mortgage loan offered in today’s economy.

Lower credit? Don’t worry!

With the FHA loan, credit may not be as big of an issue as you might think. Lower credit scores may be ok – our mortgage bankers look at each application on a case-by-case basis. Currently, credit scores as low as 580 may qualify. That’s why the FHA loan is an attractive loan to folks who think they probably can’t qualify for a mortgage. Don’t assume anything. Get in touch with us and we’ll do a check of your situation and get you into the best loan possible.

The first choice for first-time home buyers

The FHA loan from Residential Group is a great way for first-time home buyers to buy a home. The FHA permits borrowers to have a higher debt-to-income ratio than most insurers typically allow. In other words, you can get more home with the FHA loan than with a conventional loan. And with only a 3.5% down payment, the FHA loan is ideal for people without large savings accounts to afford getting a home. Stop throwing your money down the drain and into your landlord’s pocket.


Compare the benefits of renting vs house payments in the box below.   You can have the same monthly house payment for the rent payment that you make today.  You deserve the benefits of lower taxes, equity, investment potential and peace of mind that homeownership can offer.

Example :      Your Rent = $1000 per month, at this same monthly rent you may qualify for a purchase                  price of $150,000


How Do I Qualify ?  

Taking the first steps to qualify for an FHA loan is to give us a call at 209-477-0262. We will place you with an experienced licensed Loan officer to discuss the best options that fit your needs. Pre-Qualifying only takes 10 minutes and we will only need to ask you 5 questions to get you started. Once pre-qualified, You will know how much you qualify for, interest rate and your monthly payment.

What if I don’t Qualify?  

Sometime applicants don’t qualify today because of some derogatory credit. due to recent economic factors such as Insufficient credit history, past unemployment, disability, social security  etc. Residential Group offers loan programs for borrowers with less than perfect credit. We can offer you a free credit consultation to by telephone or in-office appointment. We have worked with many buyers to assist them in improving their credit scores and placing them into a better position to qualify for a mortgage loan within a reasonable period of time.

Think you make too much money to qualify for the FHA loan? Think again!

There are no maximum income levels with FHA programs. Many home buyers mistakenly believe there are maximum income levels that prevent them from qualifying for a FHA loan. Not true. There are county-specific maximum home loan amounts however; borrowers should check with their Residential Group Loan Officer to learn the specific requirements for the county in which they are financing the house.

Residential Group offers the quickest way to go FHA!

Don’t Hesitate. An FHA loan could be your ticket to a better future!

If you still have questions, please call us at (209) 477-0262 to talk to a home loan expert today. We can help you determine which option is best for your situation.


Residential Group is an equal housing lender MLS Lic # 23500   –   Department of Real Estate Licensed Broker,  DRE Lic # 01710943


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