About FHA Loans
A Federal Housing Administration (FHA) loan is a government-insured home mortgage that is issued by a bank or other lender approved by the agency. A popular option among first-time homebuyers, FHA loans are designed to help low- to moderate-income families attain homeownership. These loans require upfront and annual mortgage insurance premiums (MIP) but are more accessible to buyers who may not qualify for a conventional loan.
Benefits
Lower minimum down payment than conventional loans, as little as 3.5%
Lower credit scores
May still be possible if you have a bankruptcy or other financial issues in your history
Closing costs can often be rolled into your loan
Requirements
-
A credit score of usually 580 or more
-
Mortgage insurance (MIP)
-
Debt-to-income (DTI) ratio of 43% max
-
Must be occupied within 60 days of closing
-
Must meet FHA appraisal requirements
Secure Your Loan With Everest Lending
Ready to buy or refinance? Contact Everest Lending to determine if an FHA loan is the right option for you. With over 25 years of home loan experience, our team guides you through your mortgage options and the application process, helping you secure funding for your new home.
Why Choose Everest Lending?
Wide Range of Loan Options
Personalized Assistance
Competitive Mortgage Rates
Virtual & In-Person Consultations
Service Areas
Trusted Mortgage Solutions Near You
Everest Lending proudly serves clients across Pennsylvania with a full range of mortgage and lending solutions. Whether you’re purchasing a new home, refinancing, or securing funding for a property investment, our trusted team is here to guide you every step of the way. And since we’re local, we can even attend closings in person to ensure everything goes smoothly.