FHA Loans are designed to open doors for more buyers by lowering the barriers to homeownership. Backed by the Federal Housing Administration, these loans allow you to purchase a home with a smaller down payment and more flexible credit requirements than many conventional options. At Richmond-mortgage, we guide you through every step — from pre-qualification to closing — making the process simple, transparent, and stress-free. Whether you’re a first-time buyer or someone with less-than-perfect credit, an FHA Loan can be the shortcut to achieving your homeownership dream sooner, with the support and expertise you can trust.
Low Down Payment — Qualify with just 3.5% down if your credit meets program thresholds.
Flexible Credit Guidelines — More forgiving toward credit blemishes compared to conventional loans.
Government-Backed Safety — FHA insures your mortgage, enabling lenders to offer better terms.
Streamlined Refinancing Options — Includes simplified or “streamline” refi routes for existing FHA borrowers.
Assumable Loans — New buyers may take over your FHA mortgage under certain conditions.
Support for First-Time Buyers — Especially helpful for those still building savings or credit.
| Factor | Typical Expectation |
|---|---|
| Credit Score | Often 580 or higher for 3.5% down, though some programs may accept lower with larger down payment. |
| Down Payment | Minimum of 3.5% (for eligible credit) — funds may come from savings, gifts, or assistance programs. |
| Mortgage Insurance | Upfront and monthly mortgage insurance premiums (MIP) are required to protect the FHA. |
| Property & Occupancy | The home must be your primary residence and meet FHA property condition standards. |
| Loan Limits | FHA sets max limits by region—higher in tougher real estate markets. |
You’re entering homeownership but haven’t saved 20% yet
Your credit has flaws or is still improving
You expect to stay in the home for several years (to maximize benefits)
You’re looking for predictable, supportive financing
