September 13th, 2018

Finance

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.

Ryan Goggins

The Deb Klein Team is great! Jake Mullins was able to answer all of my questions from the application process to how closing works. We were even able to close early! The whole team is extremely knowledgeable. I definitely know I made the right choice by working with the Deb Klein Team.

06-11-2019

Dustin Reeves

Deb, Robert, and the rest of team were tremendous! They were organized, transparent, communicated frequently, and anticipated and addressed potential issues early in the process, so that when it came to closing day, it could not have gone any smoother! I'm so appreciative of everything they did to help us purchase our home!

06-04-2019

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.

11-20-2018

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

10-02-2018

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.

03-22-2019

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!

2018-09-18

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.

2018-03-07

Ryan Hall

2017-02-15

Deb Klein Sales Manager |NMLS # 595188 Chandler 2320 Primary Residential Mortgage, Inc. Mortgage Professional... 5.0 Star Review on SocialSurvey — Deb made refinancing my home very quick and easy. She had the information I needed or asked quickly. by Timothy J. for Deb Klein
https://5150153311.mortgage-application.net/EmployeeDetail.aspx?EmployeeID=94589&.
I take great care to cultivate a culture that ...
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Deb Klein Sales Manager |NMLS # 595188 Chandler 2320 Primary Residential Mortgage, Inc. Mortgage Professional... 5.0 Star Review on SocialSurvey — Deb and her team were there for us every step of the way in getting financing for a new home in AZ. Even though we had to wait a little longer than I wanted, ...
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Todd Revenig Regional Sales Manager | NMLS #218283 Chandler 2320 Primary Residential Mortgage, Inc. Mortgage... 5.0 Star Review on SocialSurvey — They made my refinancing hassle free and everything went smoothly. by Patrick T. for Todd Revenig
(480) 725-1707.
Todd Revenig has 1 reviews. Todd is a Mortgage professional . Todd is the Regional Sales ...
What Is A Jumbo Mortgage? | Bankrate.com Home prices rise, and you may need a jumbo loan to finance your dream home.
High-dollar home loans have more demanding requirements, but they are becoming more common in areas of the country where home prices are soaring.
Benefits Of The FHA 203K Loan :: Mortgage Loan The FHA 203K loan can be thought of as a kind of 'renovation' loan that allows home buyers to purchase a home with a government-backed loan that also...
The Deb Klein Team shared a link.
Deb Klein Sales Manager |NMLS # 595188 Chandler 2320 Primary Residential Mortgage, Inc. Mortgage Professional... 5.0 Star Review on SocialSurvey — The application process was very simple. Deb and her team were great! by Christina L. for Deb Klein
https://5150153311.mortgage-application.net/EmployeeDetail.aspx?EmployeeID=94589&.
I take great care to cultivate a culture that is filled with happiness and teamwork. ...
7 Reasons to Buy a House in Winter Contact us for mortgage advice this winter.

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Find out why buying a home in winter can make perfect sense, and how you may find yourself coming out way ahead if you choose to buy and move house in winter.
What To Consider About Adjustable Rate Mortgages :: Mortgage Loan With an adjustable rate mortgage, the home loan carries a fixed interest rate for a period of time, and after that period of time is up is followed by...
The Deb Klein Team shared a link.
Deb Klein Sales Manager |NMLS # 595188 Chandler 2320 Primary Residential Mortgage, Inc. Mortgage Professional... 5.0 Star Review on SocialSurvey — Friendly and helpful by Anna C. for Deb Klein
https://5150153311.mortgage-application.net/EmployeeDetail.aspx?EmployeeID=94589&.
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