FHA loan

Repeat buyers may also qualify for an FHA loan when they're purchasing or refinancing a primary residence. The lower down payments, flexible credit guidelines, and competitive rates make FHA loans a good choice for many borrowers. 

Please note, you can only use an FHA loan to refinance if your current mortgage is also an FHA loan

The first step in comparing mortgage lenders is to find a reputable lender who has a track record in the market where you're looking to buy. You want to work with someone you trust and who answers your questions clearly and directly.
Once you’ve identified potential lenders, request a loan estimate from each one and compare key details, such as:

• Interest rate
• Annual percentage rate (APR)
• Loan term
• Loan type
• Down payment
• Fees
• Estimated monthly payment

Reviewing these details side by side can help you better understand the total cost of each loan and choose the option that fits your financial goals. 

While FHA home loans are designed to be more flexible than many conventional mortgages, you'll still need to meet certain requirements. For example, you typically need a credit  score of at least 580 to qualify for a 3.5% down payment. Some borrowers with a lower credit scores may qualify, but that often requires a down payment of 10%.

Additionally, you'll likely need a qualifying debt-to-income (DTI) ratio and have at least two years of steady employment or income history. The home you're buying must be your primary residence, and it has to meet FHA appraisal and safety standards.

Talk with a home mortgage consultant about loan amount, loan type, property type, income, first-time homebuyer, and homebuyer education requirements to discuss eligibility.