FHA Loans
FHA loans are insured by the Federal Housing Administration. They are often the right path when you have a smaller down payment, a shorter credit history, or recent financial recovery.
- Down payments as low as 3.5%
- Lower credit score options
- Built for first-time buyers
FHA is not a consolation prize. For many Michigan and Florida first-time buyers, it is the program that lets you compete for a home without waiting years to save 20%. Down payments start at 3.5% for qualified borrowers.
Velocity still shops the rate. FHA pricing varies by lender overlay, and a broker can compare those overlays instead of sending you to a single retail desk. We will also be honest when conventional is cheaper over the life of the loan.
FHA works for purchases and some streamlines. Property condition standards are stricter than conventional, so we coordinate with your agent early if the house needs work.
Who it is for
- First-time buyers with 3.5% down
- Borrowers rebuilding credit after a hardship
- Buyers who need more flexible debt-to-income guidelines
Common questions
Can I use an FHA loan if I have already owned a home?
Yes. FHA is popular with first-time buyers, but it is not limited to them. Eligibility depends on occupancy, credit, and the property.
Does FHA require mortgage insurance?
Yes. FHA loans include an upfront premium and annual mortgage insurance. We will show you that cost next to a conventional quote before you choose.