A FHA Home Loan is a mortgage loan that is insured by the Federal Housing Administration (FHA) against default. It was created after a surge of foreclosures and defaults in the 1930's to help stimulate the economy while providing Mortgage Lenders adequate insurance.
3.5% down payment
Can be combined with down payment assistance programs to reduce down payment and/or closing costs
Minimum 600 FICO required
Gift funds permitted
Up to 6% seller credits
Requires upfront and monthly mortgage insurance
Available for single-family, multi-family homes, condos, PUDs and manufactured homes.
Available for both purchases and refinances
Maximum loan amounts vary by county, call for full details.
Looking to get more out of your FHA loan? Here are some FHA loan options you may not know about:
FHA loans are available for purchase or refinance. We offer a standard FHA Refinance and for those looking to refinancing an existing FHA loan, check out the FHA Streamline Refinance program!
Looking to make your home your own? With a FHA 203(k) you can purchase or refinance and rehab all in one loan! The limited 203(k) allows up to $35,000 in rehab and repair items, the standard 203(k) allows up to the county loan limit.
The Energy Efficient Mortgage (EEM), can be paired with a FHA or VA to finance energy conservation improvements into the loan with no additional qualifying.
Many Down Payment Assistance Programs can be combined with a FHA mortgage to reduce the down payment, closing costs or both. Programs range from grants, which require no repayment, silent seconds, tax credits and more. Use our Down Payment Search Tool to learn more about programs that may be available to you.
FHA loans are not just for lower loan amounts. Some counties may be eligible for the FHA High Balancemortgage, which allows loan amounts above $417,000.
Members of state public agencies or retirement systems may be eligible for our exclusive CalPATH & PATH Home Loan Program which features reduced lender fees, competitive rates and a free rate float down. The PATH and CalPATH programs are exclusive to Mountain West Financial.
Don't want to risk rates raising while you're searching for your home? House Hunter is Mountain West Financial's lock program that allows you to lock in a rate today and not be subject to market volatility. If rates are lower once you find your home, you can float down to the new lower rate, if rates are higher, you keep your initial rate.