FHA Loans


What is an FHA Loan?

An FHA loan is a mortgage designed for low-to-moderate-income borrowers. Insured by the Federal Housing Administration, FHA loans require a lower minimum down payment and credit scores than many conventional loans.

As a fully licensed FHA Direct Endorsement Lender, we offer a wide variety of FHA loan products to meet your specific needs. AnnieMac Home Mortgage has helped thousands of families in need of affordable financing alternatives, and we would love to do the same for you.


HUD resources regarding COVID-19 and homeowners

Why would an FHA Loan Be the best choice for you?

Lower Credit Requirements – Unlike other loan types, property buyers with credit scores as low as 500 can qualify for an FHA loan.

Lower Mortgage Insurance Premiums – Same money with each payment, year after year.

Affordable Down Payments – Mandatory down-payments can be set as low as 3.5% of the home’s cost, minimizing the need for available cash up-front.

More Opportunities For Assistance – In addition to lower down-payments and interest rates, FHA borrowers can take advantage of unique benefits like Down Payment Assistance programs, Down Payment Gifts, and Up to 6% Seller Assist.

What are the qualifications for an FHA Loan?

For starters, you will need proof of income and employment, along with the pre-established means to cover a down payment and closing costs.

Debt-to-Income Ratio

Your debt-to-income ratio (FHA loans require less than 43%) is all your monthly debt payments divided by your gross monthly income. Lenders use this number to predict your ability to manage monthly mortgage payments.

Down Payment

You will also need to provide a down payment on the home. FHA loans allow for down payments as low as 3.5% of the cost of the property.

Mortgage Insurance

Mortgage insurance is an insurance policy that protects a mortgage lender or titleholder if the borrower defaults on payments, dies, or is unable to meet the contractual obligations of the mortgage. FHA borrowers may receive lower mortgage insurance rates than they would with other loan types.

Loan Limitations

As of 2019, that limit for most of the country is $484,350. That limit can go higher in counties where the housing costs tend to exceed the national average – up to $726,525 in some cases.

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AnnieMac Home Mortgage (American Neighborhood Mortgage Acceptance Co. LLC) is not affiliated with the U.S. Department of Veteran’s Affairs, the U.S. Department of Housing and Urban Development, the U.S. Department of Agriculture or any other Federal Government Agency.