Get Approved for an FHA Loan—Faster, Easier, and with Lower Costs!
Lower Down Payments: Qualify with as little as 3.5% down, making homeownership more affordable.
Fast Pre-Approval: Get pre-approved quickly so you can shop with confidence.
Better Interest Rates: We help secure the most competitive FHA loan rates available.
Streamlined Process: Our experts handle paperwork and guide you every step of the way.
Credit-Friendly Options: Flexible credit requirements make approval easier.
Low Closing Costs: We negotiate better terms to keep more money in your pocket.
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Home Purchase
Buying a home is a major investment,
requiring planning, budgeting, and research to secure the perfect property for long-term stability.
Home Refinance
Home refinancing replaces an existing mortgage with a new loan, often to lower interest rates, reduce payments, or access home equity.
Home Equity
Home equity is the property's market value minus any outstanding mortgage balance, allowing homeowners to borrow against their ownership stake.
Reverse
A reverse mortgage allows homeowners, typically seniors, to convert home equity into cash without monthly payments, repaid when they move or sell.
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Our Service Commitment
Get Expert Advice every time from a licensed loan officer with a suite of products to choose from.
Our team strives to deliver excellence. Contact us day or night with any mortgage questions—we’re here when you need us.
Working with us or just thinking of it, we will always be honest and transparent. No sales targets means way better service!
No Hidden Fees: We believe in clear and upfront communication about all costs associated with your mortgage.
Tailored Solutions: Our advisors work closely with you to find mortgage solutions that are customized to your financial situation.
Available When & Where
You Want!
Across multiple states, our licensed loan
officers will help you from application to
funding and beyond.
We work on your schedule. With streamlined
technology and dedicated support staffing,
your mortgage request is always our priority!
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Meet Our Team
Angle Ogbele
Natasha Staplowski
Darnell Smith
Arlan Zuberi
What Are FHA Loans?
FHA loans are a type of government-backed mortgage insured by the Federal Housing Administration, designed to make home buying more accessible. They allow for lower minimum down-payments (as low as 3.5% of the purchase price) and are more lenient on credit scores compared to conventional loans. FHA loans are popular with first-time homebuyers and those with less-than-perfect credit. They require borrowers to pay for mortgage insurance, which protects the lender in the event of default. This insurance is a mandatory cost with FHA loans and is factored into the monthly mortgage payment.
How Does a FHA Loans Works?
Eligibility
With a focus on the property's ability to generate sufficient income to cover debt payments, DSCR loans offer flexibility and competitive terms. Explore this specialized loan option and secure the financing you need for your commercial property investment.
Loan Application
Whether you need funds for expansion, equipment purchases, or working capital, discover how a Profit and Loss (P&L)
loan can fuel your business growth.
No Down Payment
With flexible qualification criteria and competitive
rates, Bank Statement Loans offer an alternative
solution for borrowers who may not qualify for conventional loans.
No Private Mortgage Insurance (PMI)
With flexible qualification criteria and tailored terms, a 1099 loan offers an opportunity for individuals with non-traditional income sources to secure the financing they need.
Limited Closing Costs
Explore the benefits of Asset Utilization Loans and learn how they can help your business achieve optimal performance and success.
VA Funding Fee
With flexible qualification criteria and specialized terms, Foreign National Loans are designed to meet the unique needs of international buyers.
Loan Guarantee
For those who are self-employed, have irregular income, or rely on non-traditional sources, a No Income Loan offers flexible financing without the need for traditional income verification—providing easy access to the funds you need.
Loan Guarantee
For those who are self-employed, have irregular income, or rely on non-traditional sources, a No Income Loan offers flexible financing without the need for traditional income verification—providing easy access to the funds you need.
Benefits of FHA Loans
Low Down Payment
FHA loans require a minimum down payment of 3.5% for borrowers with a credit score of 580 or higher. This is significantly lower than the typical 20% required for conventional loans, making homeownership more accessible for many people.
Easier Qualification
The eligibility requirements for an FHA loan are generally less stringent than for conventional loans. This includes lower credit score requirements and more lenient debt-to-income ratios, which can help those with less-than-perfect credit histories.
Competitive Interest Rates
FHA loans often come with competitive interest rates, which can result in lower monthly payments and more affordable financing over the life of the loan.
Higher Debt Ratios Allowed
FHA loans may allow higher debt-to-income ratios compared to conventional loans, which can be beneficial for buyers with existing debts.
Assumable Loans
FHA loans are assumable, meaning that if you sell your home, the buyer can take over your existing loan terms, which can be an attractive selling point if interest rates have risen since you took out the loan.
Financial Help for Repairs
The FHA 203(k) loan program allows borrowers to finance both the purchase of a home and the cost of its rehabilitation through a single mortgage. This can be particularly advantageous for purchasing fixer-uppers.
Seller Concessions
FHA loans permit sellers to contribute up to 6% of the home's sale price toward the buyer's closing costs, which can reduce the amount of cash needed to close.
Gift Funds Allowed
FHA loans allow 100% of the down payment to come from gift funds, making it easier for family members to help each other purchase a home.
Features of FHA Loans
Low Down Payments
FHA loans require a minimum down payment of 3.5% for borrowers with credit scores of 580 or higher, which is significantly lower than the typical 20% for conventional loans.
Flexible Credit Requirements
Borrowers with lower credit scores can qualify for an FHA loan. The minimum credit score is 500 with a 10% down payment; however, lenders may require a higher score.
Mortgage Insurance
Borrowers must pay an upfront mortgage insurance premium (UFMIP) and an annual mortgage insurance premium (MIP), usually added to the monthly payment. This insurance protects the lender if the borrower defaults.
Loan Limits
FHA loans have maximum borrowing limits that vary by location and are recalibrated annually based on the median home prices.
Property Requirements
Homes financed with FHA loans must meet specific safety, security, and soundness standards. An FHA-approved appraiser must inspect the property.
Assumable Loans
FHA loans are assumable—if you sell your home, the buyer can take over your loan under the same terms (subject to lender approval), which is a selling point in high-interest rate environments.
Use for Various Property Types
FHA loans can be used to purchase various properties, including single-family homes, 2–4-unit properties, condos, and manufactured homes, provided the borrower makes the property their primary residence.
Seller Contributions
Sellers can contribute up to 6% of the home sale price toward the buyer's closing costs, easing the upfront cash needed.
Streamline Refinancing
For those with an existing FHA loan looking to refinance, the FHA offers a 'streamline refinance' program that simplifies documentation and underwriting.
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RateShop Mortgage LLC is a licensed mortgage broker in FL, GA, and TX.
In accordance with federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, or age (provided you have the capacity to enter into a binding contract), nor do we discriminate because any part of your income is derived from public assistance programs, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. The Federal Trade Commission, Equal Credit Opportunity Division, Washington, DC 20580, is the federal agency responsible for administering these laws.
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