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Think you can’t get approved for a mortgage? If you don’t have a lot of money for a down payment, your credit isn’t perfect, and your debt-to-income ratio is a little high, don’t despair. You can still get a mortgage and start participating in the joys of home ownership.
The Federal Housing Administration (FHA) is part of the U.S. Department of Housing and Urban Development (HUD). FHA loans were designed to make home ownership more accessible for the average American. This is accomplished by providing FHA mortgage insurance on loans made by FHA-approved lenders.
Since FHA loans are insured by the federal government, if a property owner defaults on an FHA loan, the FHA pays a claim to the lender for the unpaid principal balance. This allows lenders to offer more mortgages to homebuyers who may not fall into the most favorable risk category.
FHA loans can be accessed by almost anyone. First-time homebuyers or homebuyers with low credit scores can find a path to homeownership through an FHA loan. FHA loan requirements may vary by lenders according to their internal risk assessment process. FHA loans are available for many homebuyers who can’t qualify for a conventional mortgage due to a less than perfect FICO score.
You may be able to qualify for a low as 3.5% down payment or 10% down payment with an FHA loan if you have a minimum credit score above a certain threshold. You can still qualify for some types of FHA loans with a low credit score, but you will have to put down more money up front.
The FHA only insures loans up to a certain amount, which is the maximum FHA lending limit. FHA loan limits are recalculated and updated every year. They are heavily influenced by limits set by Fannie Mae and Freddie Mac for “conforming” or conventional loans.
FHA limits vary based on county, and there is both a floor and a ceiling for different types of homes. For 2025, the minimum FHA loan amount was set at $524,225 for single-family home loans, and the maximum amount was set at $1,209,750 for FHA loans on single-family homes.
Now is a great time for looking into a FHA mortgage. You can use our free Instant Rate Quote tool and Rate Tracker to find out how much you could be saving every month or over the life of your loan.
At Sammamish Mortgage, we always put the client first, making sure you get the most effective loan for your budget.
We offer some of the most competitive rates in the nation, and it’s our goal to give you a hassle-free home loan experience. We’re proud to say we close most of our loans quickly and on time. We offer a wide variety of home loans, including FHA loans, so you can start looking for a home as soon as possible.
For more information on your FHA loan options, feel free to contact us today. We currently lend in all of Washington, Oregon, Idaho, Colorado and California and have been providing mortgage programs to borrowers since 1992. Our friendly team of experienced mortgage professionals will advise you on which FHA home loan program meets your needs.
Are you ready to apply for your home loan and lock in a low interest rate? If so, Sammamish Mortgage can help you get started. Get in touch with us today!
Whether you’re buying a home or ready to refinance, our professionals can help.
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No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.