FHA Loans
FHA Loans — 3.5% Down, Flexible Credit
Government-insured financing built for buyers with smaller down payments or credit that's still recovering.
Joe Piccirello | NMLS #1988505
An FHA loan is insured by the Federal Housing Administration, which lets lenders approve borrowers who wouldn't fit a conventional box. For many buyers, it's the difference between renting another year and closing this quarter.
We originate FHA purchase and refinance loans and will tell you honestly when a conventional loan would cost you less.
- 3.5% minimum down payment with a 580+ score
- 500–579 scores considered with 10% down
- Gift funds allowed for the entire down payment
- Higher debt-to-income flexibility than conventional
- FHA 203(k) renovation financing available
- FHA streamline refinance for existing FHA loans
FHA Mortgage Insurance: What It Actually Costs
FHA loans carry two mortgage insurance charges: an upfront premium (UFMIP) that is usually financed into the loan, and an annual premium (MIP) paid monthly. On most 30-year FHA loans with less than 10% down, annual MIP stays for the life of the loan — you remove it by refinancing into a conventional loan once you have equity and qualifying credit.
That's the trade-off. FHA gets you in the door with less money and a lower score; conventional financing is usually cheaper long term. We run both side by side so you can see the actual dollar difference over the time you plan to own the home.
FHA Loan Limits
FHA sets county-level maximum loan amounts that are updated annually. Purchase prices above the local limit require either a larger down payment or a conventional/jumbo structure. We confirm the current limit for the county you're buying in when we price your scenario.
Property and Occupancy Requirements
FHA financing is for primary residences only — one to four units, with the borrower occupying one of them. The home must meet FHA minimum property standards, and the appraiser will note repairs affecting safety, security or soundness. We flag likely issues early so your contract timeline doesn't slip.
Frequently Asked Questions
Is an FHA loan only for first-time buyers?
No. Any qualified borrower buying a primary residence can use FHA financing, though first-time buyers are the most common users.
Can I use an FHA loan for a duplex or fourplex?
Yes, on one- to four-unit properties as long as you live in one of the units. Rental income from the other units may help you qualify.
Can FHA mortgage insurance be removed?
On most current FHA loans with the minimum down payment, MIP lasts the life of the loan. The usual path to removing it is a refinance into a conventional loan once you have sufficient equity.
Joe Piccirello | NMLS #1988505
Licensed mortgage loan originator. Verify licensing at NMLS Consumer Access.
Edge Home Finance Corporation | NMLS #1988505
5868 Baker Rd, Minnetonka, MN 55345, USA
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Call or text us at (602) 502-2268 or request a quick quote online.