FHA Loans

These loans are insured by the government and were designed to help more buyers achieve the dream of home ownership. These loans are insured by the government and offered by certain approved lenders. Ryan Mortgage is an approved broker for FHA loans.

One advantage of an FHA mortgage is that your payments will be lower than a conventional 3% down loan that would require PMI (private mortgage insurance).  FHA charges an upfront premium (except on condos) that can be financed into the mortgage, and then a much smaller monthly mortgage insurance payment.

Please give us a call or email with any questions. FHA loans are no more complicated than conventional loans and take the same amount of time to get approved (years ago that wasn't true, it took longer and was more complicated!).  

If the following conditions are true, you may be a good candidate for an FHA loan: 

• limited down payment money (3.5% required and all can be from a gift)
• You'll be living in the property that you want to buy
• the property you're buying is generally in good condition
• you're looking at a 2-4 family home (single family is great too)

There are also some situations that might come up that aren't well suited to FHA loans:

• you have 10% or more for a down payment
• The property is in poor condition
• the property is expensive, there are limits to how much an FHA loan can be for.  The 1/1/09 table is below: