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LET'S GO FHA!

If you don't think you can get financing because of your credit, or you just don't have a lot money to put down...think again!  The Federal Housing Administration (FHA) insures mortgages that fit these types of scenarios, so that Sun American Mortgage can offer you an FHA loan that will meet your needs. With flexible qualification guidelines, these FHA loans are particularly designed to benefit first-time homebuyers and buyers who don’t have perfect credit or a lot of money to put down. So let's get started with an FHA loan!

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LET'S GO FHA!

If you don't think you can get financing because of your credit, or you just don't have a lot money to put down...think again!  The Federal Housing Administration (FHA) insures mortgages that fit these types of scenarios, so that Sun American Mortgage can offer you an FHA loan that will meet your needs. With flexible qualification guidelines, these FHA loans are particularly designed to benefit first-time homebuyers and buyers who don’t have perfect credit or a lot of money to put down. So let's get started with an FHA loan!

Our FHA Purchase Option

Is an FHA loan right for me?

An FHA loan is a home loan that is insured by the FHA. In other words, there’s a guarantee that if you fail to repay the mortgage, FHA insures the lender that a portion of that debt will be paid. This is the reason you are required to pay a Mortgage Insurance Premium (MIP) in your loan. 

Disclosure: This material is not provided by, nor was it approved by the Department of Housing & Urban Development (HUD) or by the Federal Housing Administration (FHA).

What are the requirements for FHA?

FHA makes it relatively easy to qualify for a loan. Again, the government guarantees the loan, so lenders are more willing to approve loans.

You’ll never know until you apply. So get started with our simple online pre-qual application and one of our seasoned loan officers will be in touch.

Main points of qualification for FHA Loans


  • STEP1

    Credit Score 
    Borrowers with lower credit scores are more likely to get approved if they apply for an FHA loan. Scores can go as low as 580, however, we will most likely need an explanation of the reason the credit is challenged. 

  • STEP2

    Loan Amount 
    There are limits on how much you can borrow. In general, you’re limited to modest loan amounts relative to home prices in your area. To find the loan limits in your region, visit HUD’s Website.

  • STEP3

    Debt to Income Ratios – What’s This?
    To qualify for an FHA loan, you’ll need to have reasonable debt to income ratios. This means that the amount you spend on monthly payments needs to be “reasonable” when compared to your monthly income. In general, you have to have at least a 31/43, but in some cases it’s possible to get approved with D/I ratios closer to 55%

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