Are you dreaming of owning your own home?
An FHA loan could be the perfect solution for you!
With flexible credit requirements and low down payment options, FHA loans make homeownership accessible to more people.
Frequently asked questions
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What is an FHA loan?
- An FHA loan is a mortgage insured by the Federal Housing Administration. It is designed to help low-to-moderate-income borrowers who may not qualify for conventional loans.
Do I get my loan directly from the FHA?
- No, FHA loans are provided by FHA-approved lenders, such as banks or mortgage companies. The FHA insures the loan, reducing the risk for lenders.
What are the benefits of an FHA loan?
Benefits include lower down payment requirements (as low as 3.5%), more lenient credit score requirements, and the ability to finance closing costs.
Are there any downsides to FHA loans?
- FHA loans require mortgage insurance premiums (MIP), which can increase the overall cost of the loan. Additionally, there are limits on the loan amount based on the area.
Can I use an FHA loan to buy an investment property?
No, FHA loans are intended for primary residences only. You must live in the home you are purchasing.
What credit score do I need for an FHA loan?
The minimum credit score for an FHA loan is typically 580, but some lenders may accept lower scores with higher down payments
Can I get an FHA loan if I have a bankruptcy or foreclosure in my history?
Eligible properties include single-family homes, multi-family homes (up to four units), manufactured homes, and condominiums that meet FHA requirements.
What types of properties are eligible for FHA loans?
Get an estimate for the amount you’ll be able to borrow, so you can confidently search for homes within your budget. With Pilgrims Mortgage, you can get pre-qualified in as little as three minutes with no impact to your credit score.
Find the perfect loan for you.
There are various types of mortgage options available, and taking a few minutes to explore your options can be beneficial. Understanding the different types of home loans can help you determine which one offers the best fit for your needs. Don’t worry, we’re here to guide you through the process and help you select the most suitable loan option. But first, take some time to review and compare your options to get an idea of what works best for you.
Free Pre-Qualification
Get Flexible Mortgage Solutions
With the right home loan, you can refinance or buy a home and keep your financial plans on track
Gov. Insured Loans
Attractive loan terms
Government-insured mortgages, also known as government-backed mortgages, are home loans that are insured or guaranteed by a federal agency. These loans are designed to help specific groups of people, such as first-time homebuyers, veterans, and those in rural areas, by reducing the risk for lenders.
0%
Down Payment
580+
Credit Score
Conventional loans
Different term options available
A government program doesn’t directly back a conventional mortgage loan. Most of these loans are also “conforming,” meaning they adhere to the standards set by Fannie Mae or Freddie Mac. These two government-sponsored entities buy mortgages from lenders and then sell them to investors.
3%
Down Payment
680+
Credit Score
Non-Qualified Mortgage
Good option for investors
Non-QM (Non-Qualified Mortgage) loans are home loans that don’t meet the strict criteria set by the Consumer Financial Protection Bureau (CFPB) for qualified mortgages. These loans are designed for borrowers who may not fit the traditional lending requirements but still have the financial means to repay a mortgage.
