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Your Path to Affordable Homeownership
FHA Purchase Loan
Thinking about buying a home but worried about saving enough for a big down payment? An FHA loan could be the solution. Backed by the Federal Housing Administration, this loan option helps make homeownership more affordable specially if you’re working with limited savings or rebuilding your credit.
It's a Good Fit for You if
rebuilding credit
looking for a more flexible loan
You're buying a home with limited savings
What’s an FHA Loan?
An FHA loan is a government backed mortgage that’s designed to help more people become homeowners. It’s not just for first-time buyers it’s for anyone who wants flexible credit guidelines, low down payment options, and a smoother path to owning a home.
You’ll need to live in the home as your primary residence, and the property must meet FHA condition standards. There are also county-based loan limits depending on where you’re buying.
Why People Choose FHA Loans
You only need a down payment as low as 3.5% if your credit score is 580 or higher. If your score is between 500 and 579, you may still qualify with 10% down. Many buyers use gift funds from family or friends to help cover the down payment or closing costs. Sellers can contribute up to 6% to help with those costs, too. You don’t need perfect credit FHA is built for real people with real situations.
- Minimum credit score of 500-579
- Requires monthly mortgage insurance
- Gift Funds For Down Payment Welcomed
How the Process Works
Step 1
Once you’re ready to move forward, you’ll provide a few key documents things like bank statements, tax returns, and income verification.
Step 2
From there, we’ll help you get preapproved so you know how much home you can afford. The property must meet FHA guidelines, but don’t worry we’ll walk you through that part too.
Step 3
At closing, there’s a one-time mortgage insurance fee that can be rolled into your loan. You’ll also pay a monthly mortgage insurance premium, which protects the lender and helps keep the program running.
FAQ
Q: Can I use gift money for my down payment?
A: Yes, 100% of your down payment can come from a gift. That’s great news for buyers getting help from family or friends.
Q: Can I combine FHA with down payment assistance?
A: Absolutely. Many local and state assistance programs are designed to work with FHA loans, helping you cover the upfront costs of buying a home.
Q: What credit score do I need?
A: If your score is 580 or higher, you may qualify with 3.5% down. If it’s between 500 and 579, you may still qualify, but you’ll need 10% down.
Q: Do I have to pay mortgage insurance?
A: Yes. There’s an upfront fee (which can be added to the loan) and a monthly insurance premium. If you put 10% down, you’ll only pay monthly insurance for 11 years—otherwise, it lasts the life of the loan.
Let’s See What You Qualify For
Ready To Stop Renting?
Want to move into a home with a low down payment,? Let's explore your options together. We’ll answer your questions, help you get prequalified, and make sure you're on the right path to homeownership.
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Premier Point Mortgage
NMLS #2184348
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990 Raritan Rd. Clark, NJ 07066
Legal Statements
Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.
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