FHA Home Loans

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Loan officer explaining FHA home loans

What is an FHA Home Loan?

FHA home loans are a type of mortgage that is backed by the Federal Housing Administration (FHA), a division of the Department of Housing and Urban Development (HUD). These loans are designed to help people with low to moderate incomes and credit scores purchase homes or refinance their existing mortgages. FHA home loans are offered by private lenders, such as banks and mortgage companies, but are insured by the government, which reduces the lender's risk and allows them to offer more favorable terms to borrowers.

To qualify for an FHA home loan, borrowers typically need to have a credit score of at least 500 and a down payment of 3.5% of the home's purchase price. Borrowers with lower credit scores may still be eligible, but they may be required to make a larger down payment or pay higher interest rates. FHA loans also have a limit on the amount that can be borrowed, which varies by location and is adjusted annually.

FHA home loans offer several benefits to borrowers, including lower down payment requirements, more flexible credit score requirements, and lower closing costs. Additionally, FHA loans allow borrowers to roll certain closing costs into the loan. This can make the home buying process more affordable for home buyers.

FHA loans come in different types, including fixed-rate mortgages and adjustable-rate mortgages (ARMs). With a fixed-rate mortgage, the interest rate stays the same for the life of the loan, which can range from 15 to 30 years. ARMs have interest rates that can change after an initial fixed-rate period of 3, 5, or 7 years. ARMs can be a good option for borrowers who plan to sell or refinance their home before the interest rate adjusts.

In summary, FHA home loans are a good option for borrowers with low to moderate incomes and credit scores who want to buy or refinance a home. These loans offer more flexible eligibility requirements and lower down payment requirements than conventional loans, making homeownership more accessible to a wider range of people. One of our highly knowledgeable loan officers can help guide you through the process and find the right loan for you.

Key Features
  • Fixed Rates
  • Adjustable Rates (ARM)
  • Conforming Loans
  • Jumbo & Super Jumbo Loans
  • FHA, VA, & USDA Loans
  • Terms from 5 to 30 Years
Do I Qualify?

Typically, an FHA loan is one of the easiest types of mortgage loans to qualify for because it requires a low-down payment, and you can have a credit score as low as 500. An FHA down payment of 3.5% is required. Borrowers who cannot afford a traditional down payment of 20% or can’t get approved for private mortgage insurance should look into FHA loans.

What is the process?

Here’s how our home loan process works:

  1. Complete our Fixed Rate Mortgage Qualifier
  2. Compare mortgage interest rates and terms
  3. Select the offer tailored to your needs!

Have any questions?

417-708-4207

Open Mon - Fri

9:00 AM - 5:00 PM

Need some help?

info@CMBrokers.com

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Meet The Team

Our team of experts are committed to providing personalized guidance throughout the mortgage process, ensuring that you have all the information you need to make informed decisions about your loan. From pre-qualification to closing, our team will work with you every step of the way to make your mortgage experience as smooth and stress-free as possible. Contact us today to schedule a consultation and start your journey to owning your dream home.

ANDREW CHAVEZ

Branch Manager

NMLS# 1938889

Licensed in MO, KS, AR, CO, FL

Gabriel Axtell

Branch Team Lead

NMLS# 2012807

Licensed in MO, KS, AR, CO, FL

Evan Dockstader

Branch Operations Team Lead


Leslie Dean

Branch Marketing Leader

Sergey Khokhlan

Mortgage Broker

NMLS# 2121155

Speaks: English & Russian

Anton Kalashnikau

Mortgage Broker

NMLS# 2116844

Speaks: English & Russian

Andy Heffner

Mortgage Broker

NMLS# 2045703

Speaks: English

Michael Lindsay

Mortgage Broker

NMLS# 2215322

Speaks: English

Eugenia Kashubin

Mortgage Broker

NMLS# 2242302

Speaks: English & Ukrainian

Dustin Sullins

Mortgage Broker

NMLS# 2070053

Speaks: English

Coty Cowan

Mortgage Broker

NMLS# 2264664

Speaks: English

Phillip Zverev

Mortgage Broker

NMLS# 2264664

Speaks: English

Drew White

Mortgage Broker

NMLS# 1900791

Speaks: English

William Lotz

Mortgage Broker

NMLS# 2095033

Speaks: English

Jeff Johnson

Mortgage Broker

NMLS# 2565520

Speaks: English

Lauren Williams

Mortgage Broker

NMLS# 2565520

Speaks: English

Jason Schmierer

Mortgage Broker

NMLS# 2565520

Speaks: English

Amy Stockdale

Office Manager



Kristina Borishkevich

Loan Officer Assistant



Lexi Ugolini

Loan Officer Assistant



Amanda Britain

Loan Officer Assistant