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FHA Loans

This loan was designed to make homeownership possible by allowing flexibility with credit and down payments.

FHA financing is not just for first-time homebuyers and provides opportunities for many clients that meet the loan guidelines.

Get pre-approved in minutes
FHA loan approval process with Preferred Rate for homebuyers.
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Top military lender

NMP

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Preferred Rate logo on a professional financial website.
Trusted financial services logo for competitive loan and mortgage rates.

Top mortgage lender

Scotsman guide

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Preferred Rate logo on a professional financial website.
Trusted financial services logo for competitive loan and mortgage rates.

5-Star Lender

MPA

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TOP LENDER

CALHFA

TOP EMPLOYER

DIVERSITY JOBS

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TOP 100 MORTGAGE COMPANIES

MORTGAGE EXECUTIVE

5-STAR LENDER

Mortgage Professional America

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The Preferred Rate logo showcases a professional financial services brand specializing in mortgage and loan solutions.

TOP 250 LATINO MORTGAGE ORIGINATORS

NAHREP

MOST LOVED MORTGAGE EMPLOYERS

NMP

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TOP MORTGAGE LENDER

Scotsman Guide

TOP MILITARY LENDER

NMP

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TOP 15 VA LENDER

Scotsman Guide

Product highlights

  • Down payment options as low as 3.5%
  • Owner-occupied primary residence required
  • Mortgage insurance required
  • Maximum loan amounts vary by county
  • Debt-to-income limits apply
  • FHA guarantees mortgage
  • Available for 1–4 unit properties
  • Streamline refinance option available
  • Temporary and permanent rate buydowns allowed
  • Flexible credit review
  • No prepayment penalty
Borrower advantages
  • Down payment options as low as 3.5%
  • Used with most DPA programs
  • Down payment and other required funds may be gifts
  • Seller concessions to help with closing costs and/or buydown costs
  • Don’t need to be a first-time homebuyer
  • Streamline refinance possible with no appraisal, no income verification and no credit check required
Realtor advantages
  • Grow your client base: options for people with student loan debt or lower credit scores
  • Specialize in first-time home buyers
  • Seller/Agent contributions up to 6% are allowed for closing costs
  • Low credit requirement
  • Low down payment options
  • Can be paired with DPA programs
Preferred Rate helps first-time homebuyers with easy mortgage options.
Jessica Thompson shares her positive experience with Preferred Rate for her first home purchase.

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