The FHA Loan Purchase
What are FHA purchase loans?
FHA purchase loans are mortgages insured by the Federal Housing Administration, a division of HUD. The loan must be secured by a primary residence that meets HUD property condition standards and is subject to county specific limits.
Benefits of a FHA Purchase Loan
Frequent Questions Regarding Conventional Purchases
Can my entire 3.5 % down payment be a gift?
Yes. For 1‑unit primary residences, 100 % of the down payment and even closing costs may come from a relative, fiancé, or approved charitable organization—provided the donor signs a gift letter and funds are properly documented.How soon after bankruptcy or foreclosure can I get an FHA loan?
Chapter 7: two years after discharge (with re‑established credit). Chapter 13: after 12 on‑time plan payments and court approval. Foreclosure: three years from the deed‑transfer date. Extenuating circumstances can shorten the wait.When and how can I remove FHA mortgage insurance?
If you started with <10 % down, annual MIP stays for the life of the loan. With ≥10 % down it ends after 11 years. Many borrowers drop MIP by refinancing into a conventional loan once equity reaches 20%.Are student‑loan payments counted differently?
Yes. FHA uses the greater of the actual payment or 0.5 % of the outstanding loan balance (down from 1 %), making qualification easier for borrowers on income‑driven repayment plans.Let's Talk FHA Purchase Loans
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Interested in an FHA purchase loan? Submit your information.
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