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.

Carissa Hampton

I had such a great experience. Everything went smoothly and they walked me through the entire process. I am excited to work with you all again in the future.


Kumar Ankit

After making an initial contact, Deb got back to me requesting my personal details that includes SSN. This was after I had already been approved for a loan by a couple of other lenders. However, she never provided me a pre-application letter and stays non-communicative, now I am scared that my personal data could have been misused. I don't recommend this firm, as their operation seems to be sleazy.


Paul Fox

Deb and the team made it happen! The other team that was to deliver me the loan basically fumbled and lost the ball. Deb’s team finished the loan in under 8 days and smooth sailing all the way! The other guy kept coming up with possibilities when Deb’s team drove it home -pun intended. Thanks again and an amazing job well done!! Respectfully Paul


Jon Cooper

Deb Klein and her team are absolutely amazing and closed another 2 deals for my clients this week. I am a Designated Real Estate Broker and required to give my clients more than 1 referral, but Deb will always be the preferred lender for my valuable clients. Choosing a great lender is not always about rates or fees, but most importantly its about the great SERVICE that a lender can offer. Deb and her team go above and beyond with all of that! I have worked with Deb Klein for about the past 15 years! If you are a borrower or Realtor and considering a great lender, I hope you will save yourself the frustration and hassles and chose Deb Klein as your mortgage lender, she will go above and beyond for you to get the deal done!! Thanks Deb for a great experience!


Roy DuPrez

Deb is 100% The team has been available above and beyond to untangle some obstacles I needed in order to qualify. I’ve been buying and selling properties for years and this has been a real comparison to all the other car salesy experiences I’ve had in the past.


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


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