Get Pre-Qualified
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The FHA loan program is designed to help buyers—especially first-time homebuyers—qualify for a mortgage with a low down payment and flexible credit requirements. Insured by the Federal Housing Administration, FHA loans offer competitive rates, more forgiving guidelines, and a practical path to homeownership for borrowers who may not fit strict conventional standards.
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As little as 3.5% down for qualified borrowers.
More forgiving of past credit issues than many conventional programs.
Stable monthly payments with 30-year and 15-year options.
Debt-to-income ratios can be more flexible than conventional guidelines.
Down payment and closing costs can come from eligible gift sources.
FHA loans may be assumable by a future buyer (subject to approval), which can be an advantage if rates rise.
FHA rate-and-term, cash-out, and streamline refinance options available.
Family members can help you qualify on certain transactions.
HA 203(k) programs can finance home purchase and repairs in one loan (when offered).
Designed to make qualifying more accessible.
FHA loans follow federal guidelines but are issued by approved lenders. The lender reviews your credit, income, assets, and property information to ensure they meet FHA standards.
You apply for pre-approval to determine your price range and maximum loan amount.
Once under contract, the lender orders an FHA appraisal to confirm value and basic property condition.
Your file is underwritten based on FHA criteria, including maximum loan limits, acceptable DTI, and required mortgage insurance.
At closing, the loan is funded by the lender and insured by FHA, allowing more flexible terms than many conventional loans.
Ongoing, you’ll pay an upfront and annual Mortgage Insurance Premium (MIP) as part of your FHA loan structure.
Feature | Detail |
Program Type | FHA-insured mortgage for purchase or refinance |
Occupancy | Primary residence only |
Down Payment / LTV | As low as 3.5% down (up to 96.5% LTV) for qualifying borrowers |
Credit Requirements | Flexible minimum scores and guidelines vs. many conventional programs (per current FHA rules) |
DTI | Higher DTI ratios allowed than many conventional programs, based on AUS or manual findings |
Loan Purpose | Purchase, rate-and-term refinance, cash-out refinance, and FHA streamline (where eligible) |
Property Types | 1–4 unit FHA-eligible properties, FHA-approved condos, and certain PUDs |
Mortgage Insurance | Upfront and annual Mortgage Insurance Premium (MIP) required |
Assumability | FHA loans may be assumable, subject to lender and FHA approval |
Typical Closing Time | Typically 30–45 days, depending on appraisal, title work, and how quickly documents are provided |
BarCorp Financial Group, NMLS #1746897. BarCorp Financial Group is a mortgage broker and does not make commitments or fund loans. Information provided is for general informational purposes only and is not a loan approval, Loan Estimate, or commitment to lend.
All loans are subject to underwriting approval, lender guidelines, and property qualification. Not all applicants will qualify. Product availability, interest rates, and terms are subject to change without notice and may vary by lender and state. Equal Housing Lender.
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