Skyview Lending Group: FHA Mortgages

A FHA Mortgage (Federal Housing Authority) is part of US Department of Housing and Urban Development (HUD). FHA does not originate nor service loans instead, they insured and guaranteed by the Government.
FHA Mortgages typically are loans first time home buyers would prefer but you do not have to be a first time home buyer to get a FHA loan.

Key Characteristics of FHA Mortgage Loans Includes:

  1. Down Payment: minimum down payment is 3.5% of purchase price. A larger down payment can be used if needed. For credit scores below 580 a larger down payment may be required.
  2. Credit Requirements: FHA Loans have a more flexible credit history and credit score criteria. Interest rates are impacted by credit score.
  3. Income to Debt Ratios: FHA Loans have a more flexible guideline when it comes to how much home you can afford compared to conventional.
  4. Private Mortgage Insurance (PMI): Regardless of down payment amount, you will have PMI on a FHA loan. If the down payment amount is 10% or more of the purchase price, the PMI will automatically drop after 11 years. The PMI Rate is the same regardless of credit score but it will be lower if you put 10% down, unlike a conventional mortgage.
  5. Loan Limits: FHA Loans have a maximum loan limit. The loan limit is determined by FHA each year. The loan limits are determined per county per each state. FHA Loan limits are lower than Conventional Loan limits.
  6. Loan Terms: FHA Loans typically have the following terms; 30 and 15 year. The 30 year term is the most common.

FHA Loans offer flexibility in credit history, credit scores, income to debt ratios, job history, gifts for down payments, making them a popular choice for homebuyers looking for more flexible options. Borrowers should carefully compare their options, including interest rates, loan terms, and costs before choosing a FHA mortgage or exploring other financial alternatives.

What we offer

We offer a full range of lending options that provides lower fees and better rates.

Conventional Mortgages

A conventional mortgage is a home loan backed by federally created entities. Typically offered to borrowers with good credit and stable financial histories, these loans offer flexibility for homebuyers who meet the necessary credit and down payment criteria.
Conventional Loans

VA Loans

VA Mortgages from the Department of Veteran Affairs offer advantageous loan programs for service members, veterans, and their families, featuring flexible credit criteria, income-to-debt ratios, and no private mortgage insurance requirements.
VA Loans

FHA Loans

An FHA Mortgage, administered by the Federal Housing Authority and part of the US Department of Housing and Urban Development (HUD), provides flexible options and more lenient credit requirements, making it suitable for both first-time and non-first-time home buyers.
FHA Loans

USDA Loans

USDA Mortgages, provided by the United States Department of Agriculture, offer the option of no down payment, but they require more stringent credit criteria and have geographic eligibility areas. These loans are popular for homebuyers in eligible areas with established credit history, needing 100% financing.
Farm and Land services

Jumbo Loans

A jumbo loan is designed for high-value properties that exceed conforming loan limits. It offers larger loan amounts but requires stricter qualifications and comes with higher interest rates. Borrowers need substantial down payments and excellent credit. It's ideal for luxury home purchases but involves increased scrutiny and costs.
Jumbo Loans

Additional Options

SkyView Lending Group also offers financing for Non QM, Commercial, Multi Family, Farms, Investment Property, Construction Loans, Renovation Loans, Acquisition & Development and more.
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