FHA Loans

FHA Loans


  • Federal Housing Administration (FHA) loans are federally backed mortgages designed for homeowners who may have lower-than-average credit scores.
  • FHA loans require a lower minimum down payment and a lower credit score than many conventional loans do.
    • you’ll need to make a down payment of just 3.5%
    • You’ll need a credit score of at least 580 to qualify
      •  If your credit score falls between 500 and 579, you can still get an FHA loan as long as you can make a 10% down payment.
  • Federal Housing Administration loans are issued by FHA-approved banks and lending institutions; these institutions will evaluate your qualifications for the loan.
  • In order to secure the guarantee of the FHA, borrowers that qualify for an FHA loan are also required to purchase mortgage insurance, and premium payments are made to FHA.
    • you will make annual MIP payments for either 11 years or the life of the loan, depending on the length of the loan and the LTV.

About Us

Thanks for visiting Velocity Lending. Local expertise and broad real estate experience will benefit you whether you are serious about buying or selling a home at this time, or are a returning client checking out the many homeowner resources offered here.

Please consider this website as your online source for mortgage, real estate, and local community information. Be sure to return often for the latest property listing updates. READ MORE ABOUT US

Velocity Lending

Office NMLS 1405948
Josh Lyon NMLS 790025