September 13th, 2018


Buying the home of your dreams is one of the most exciting and rewarding things that you can do. It's also likely to be the biggest investment of your life. It can also be incredibly confusing for some home buyers who are trying to find the right loan. Shopping for your home is hard enough. Shopping for a mortgage loan can be more complex and far less fun.

FHA Loan Basics

For many, shopping for their dream home the FHA loan is the best option available. It offers a great path to home ownership and is more attainable than ever before. Learning a few facts about it is important. FHA loans are backed by the Federal Housing Administration. This guarantee from the government allows lenders to extend loans with less stringent qualifications and with better terms. In turn, the FHA borrowers will pay for mortgage insurance that protects the lender from a loss.

Top Things To Know

Here's a look at qualification requirements and other info worth knowing.

The Minimum Down Payment Is Lower

Unlike traditional loans that require as much as 20% down, FHA loans require only that you have 3.5% of the home's total purchase price as a down payment.

Your Credit Doesn't Have To Be Perfect

In fact, your credit score can be as low as 580 in order to secure the 3.5% down payment option. You can actually secure an FHA loan with a score as low as 500, but your down payment must be 10% if this is the case.

Your Lender Must Be Approved

The FHA doesn't actually provide the loans. They only secure them. As such, you'll have to get your FHA loan directly through a lender that offers FHA loans and that has been approved by the FHA.

Closing Costs Could Be Included

FHA loans do allow you to include closing costs in the loan total. However, in these instances, you may end up paying a higher interest rate.

Home Repairs Can Be Included As Well

The FHA has a special program that allows you to take out a 203K loan. This includes money that can be used to repair and remodel a home that is being purchased.

Mortgage Insurance Is Required

If you pay less than 20% down on your home, you'll have to pay mortgage insurance including an Upfront Premium paid when you get the loan and an annual premium that is paid over the course of the loan.

Loan Limits Change

Every year the FHA adjusts the maximum and minimum loan amounts. Currently, FHA loans can be between $294,515 and $679,650.

Getting Your Loan

Getting the perfect loan isn't always easy, but local experts exist to help. 

Deb Klein Team

3115 South Price, Suite 115, Chandler, AZ 85248 480-550-0211
The Deb Klein Team is the preferred home mortgage consultants located in Chandler, AZ. They are dedicated to finding great rates and loan options for their customers while providing fast turn times. The Deb Klein team has helped over 2000 customers achieve their dream of homeownership, and they are ready to assist you with your home financing.

Brendan Grey

Working with Deb and Jake Mullins has been fantastic. As a real estate professional I rely on their team as they have always provided the best of the best when it comes to expertise and financing products. Also their customer service is second to none. They take each file as if it was their own. HIGHLY RECOMMENDED


Julie Nguyen

Deb’s team exceeded my expectations! They took such such good care of me! Jake was always available to answer any questions I had during the whole process and walked me through it all. As a first time homebuyer It was overwhelming but they made it easy to understand and broke it all down. They were very personable and wanted what was best for me. I was worried about closing but the team helped me close right on time and did such a tremendous job! I highly recommend them!


Milo Birk

Jake and his team did a phenomenal job on my cash-out refinance! Every step of the way was well communicated and thorough. My situation was fairly unique but the team had no issue making it work and closing the loan. I had gone through other lenders before and I can almost guarantee they wouldn't have been able to make it work. My loan required creativity and strict adherence to lending guidelines, both of which the team navigated perfectly.


Steve Lynch

Another painless 15-day close. Once again, Deb and team have provided a great experience. Between the exceptional customer service and communication, the efficient cloud-based document portal, and clear current/next-step emails, I can't imagine a better overall process in lending. Thanks team!


Stefan Kocev

Deb Klein and her team couldn't have been more helpful and professional in helping me refinance my home. They were very responsive and thorough through the entire process. Highly recommend her services.


Annette Lightfoot Bohn

Deb and her team were so enjoyable to work with. I never felt any pressure. I truly would highly recommend them. Didn't think refinancing could be so much fun. If you're thinking about purchasing a new home or refinancing in the near future, please consider The Deb Klein Team


Roy J. DuPrez

Deb was SUPER helpful and was able to tactfully assist through some obstacles that enabled me to access the home I love living in today!


Brian Lombardi

Deb has done several mortgages for me in the past. There's no one better when it comes to working on your behalf and her follow-up is impeccable. If you have a mortgage need, she's the one to go to.


Ryan Hall


Delivering the best loans in Chandler, AZ for any situation while closing on time.

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