FHA Loans
Federal Housing Administration (FHA) loans are a popular option for home buyers, particularly first-time buyers, who may not have a large down payment or a high credit score. FHA loans are insured by the government, so lenders are more willing to offer them to borrowers who may not qualify for a conventional mortgage.
FHA loans typically require a down payment of just 3.5% of the purchase price, making it easier to get into a home. They also have more flexible credit requirements than conventional loans, allowing borrowers with less-than-perfect credit to qualify.
Key FHA Characteristics
Low down payment requirement of just 3.5% of the purchase price
More flexible credit requirements than conventional loans
Government-backed, so lenders are more willing to approve borrowers who may not qualify conventionally
Fixed interest rate options for stable, predictable monthly payments
Higher debt-to-income ratios allowed, helping borrowers with more debt qualify
Usable for many property types: single-family homes, multi-unit properties, and condominiums
Refinance options including streamline and cash-out refinancing
5) Conventional loans offer options for fixed or adjustable interest rates
6) Conventional loans can be used to purchase a variety of property types, including single-family homes, multi-unit properties, and condominiums
7) Conventional loans do not require mortgage insurance if the borrower puts down at least 20% of the purchase price
8) Conventional loans offer options for refinancing, including cash-out refinancing and rate-and-term refinancing, which can help borrowers lower their monthly mortgage payments or access equity in their home.
Need more information?
This is not an offer to enter into an agreement. This is not a commitment to make a loan. Not all customers will qualify. Information, rates and programs are subject to change without prior notice. All products are subject to credit and property approval. All approvals are subject to underwriting guidelines. Not all products are available in all states or for all dollar amounts. Other restrictions and limitations may apply. VA loans subject to individual VA Entitlement amounts and eligibility, qualifying factors such as income and credit standards, and property limits. NEXA Mortgage, LLC is not affiliated with any government agencies. These materials are not from VA, HUD or FHA, and were not approved by VA, HUD or FHA, or any other government agency. Copyright © 2026 NEXA Mortgage, LLC NMLS#1660690. AZBK #2006218. 5559 S Sossaman Rd Bldg #1 Ste #101 Mesa, AZ 85212, 602-344-9333. www.NEXALending.com NEXA Mortgage, LLC is an Equal Housing Lender | Equal Housing Opportunity. All rights reserved.