FHA Loans

FHA Loans

An FHA loan is a government-backed mortgage loan that allows you to buy a home with looser financial requirements. You may qualify for an FHA loan if you have debt or a lower credit score. You might even be able to get an FHA loan with a bankruptcy or other financial issue on your record.

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What Is a Federal Housing Administration (FHA) Loan?

A Federal Housing Administration (FHA) loan is a home mortgage that is insured by the government and issued by a bank or other lender that the agency approves. FHA loans require a lower minimum down payment than many conventional loans, and applicants may have lower credit scores than are usually needed. The FHA loan is designed to help low- to moderate-income families attain homeownership. As a result, they are particularly popular with first-time homebuyers.

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First-Time Home Buyers
Multi-Unit Properties
Loan Eligibility
Insurance Requirements
Down Payments

First-Time Home Buyers

Risk Factor

FHA loans are only for first-time home buyers.


FHA loans are for everyone! They are a wonderful option for first-time buyers and very popular among them.

Multi-Unit Properties

Risk Factor

You can’t buy a multi-unit property with an FHA loan.


You can, in fact, buy a multi-unit property with an FHA loan. The caveat is that you need to occupy one of the units as your primary residence.

Loan Eligibility

Risk Factor

FHA loans are harder to qualify for.


This is false. In fact, it's quite the opposite. FHA loans are meant to provide homebuyers with less than perfect credit scores and/or minimal down payment funds an opportunity to purchase a home.

Insurance Requirements

Risk Factor

FHA loans do not require insurance.


FHA loans DO require insurance. There are 2 types of insurance that are held on every FHA loan. There is an upfront premium paid on the loan amount and an annual premium, paid in monthly installments by the buyer.

Down Payments

Risk Factor

FHA loans require the same down payment as conventional loans.


False! The minimum required down payment for conventional loans is 5% for repeat buyers whereas FHA loans can require as little as 3.5%.

Benefits of FHA Mortgage Loans

Looking to purchase a house in Los Angeles or anywhere in California but can't apply for a traditional mortgage? FHA loan is an excellent option. The guidelines and requirements for an FHA mortgage are much more lenient: a low FICO score and small down payment are OK.

In 1934, the Federal Housing Administration (FHA) was established to improve housing standards and to provide an adequate home financing system with mortgage insurance. Now families that may have otherwise been excluded from the housing market could finally buy their dream home.

FHA does not make home loans, it insures a loan; should a homebuyer default, the lender is paid from the insurance fund.


  • Buy a house with as little as 3.5% down.
  • The right mortgage solution for those who may not qualify for a conventional loan.
  • Down payment assistance programs can be added to a FHA Loan for additional down payment and/or closing cost savings.
  • Perfect for the First-Time Home Buyers: This is an ideal mortgage loan for first-time home buyers. These loans are popular among first-time buyers because of low down payments and flexible qualifying guidelines.
  • Low-Interest Rates: FHA loans have lower interest rates. This happens because the lender takes less risk.
  • Finances for Home Repairs: Need some extra funds to repair the house? The FHA has a particular loan for that. It is not based on the home's current value but on the projected one.
  • Gift Fund as a Down payment: You can use a gift fund as 100% of a down payment on your house (for primary residences only).

How to qualify for an FHA loan

To be eligible for an FHA loan, borrowers must meet the following lending guidelines:

  • Have a FICO score of 500 to 579 with 10 percent down or a FICO score of 580 or higher with 3.5 percent down.
  • Have verifiable employment history for the last two years.
  • Have verifiable income through pay stubs, federal tax returns, and bank statements.
  • Use the loan to finance a primary residence.
  • Ensure the property is appraised by an FHA-approved appraiser and meets HUD guidelines.
  • Have a front-end debt ratio (monthly mortgage payments) of no more than 31 percent of gross monthly income.
  • Have a back-end debt ratio (mortgage plus all monthly debt payments) of no more than 43 percent of gross monthly income (lenders could allow a ratio up to 50 percent, in some cases).
  • Wait for one to two years before applying for the loan after bankruptcy or three years after foreclosure (lenders might make exceptions on these waiting periods for borrowers with extenuating circumstances).

Suncoast Mortgage Firm LLC.

Our lending solutions use the perfect hybrid of human-driven insights and technical prowess to process loans faster and significantly reduce costs.


(813) 599-3533




8270 Woodland Center Blvd
Tampa, FL 33614


Website Disclaimer : 

Effective Date: 9/1/2021
All loan approvals are conditional, not guaranteed, and subject to lender review of all information. A loan is conditionally approved when the lender has issued an approval in writing, but until all conditions are met, a loan cannot be funded. Specified rates may not be available for all borrowers. interest rates, and program guidelines, and are subject to change without notice based on applicant’s eligibility and market conditions. Suncoast Mortgage Firm LLC. is an Equal Opportunity Mortgage Broker headquartered in Tampa, Florida. This licensee is performing acts for which a mortgage broker license is required. Suncoast Mortgage Firm LLC. is licensed by the Florida Office of Financial Regulation, NMLS# 1936558. Suncoast Mortgage Firm LLC. is approved to originate Conventional, FHA, VA, and USDA loans, and has the ability to broker such loans to Conventional, FHA, VA, and USDA approved lenders. Suncoast Mortgage Firm LLC. is not acting on behalf of or at the direction of HUD/FHA or the VA.

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