FHA Loans

FHA Loan:
FHA mortgage loans are issued by federally qualified lenders and insured by the U.S. Federal Housing Authority, a division of the U.S. Department of Housing and Urban Development.

FHA loans are an attractive option, especially for first-time homeowners:

  • Generally easier to qualify for than conventional loans.
  • Lower down payment requirements.
  • Cannot exceed statutory loan limits.

FHA loans are an attractive option, especially for first-time homeowners in Salina, as well as all of Kansas, because it is insured by the Federal Housing Administration (FHA). Primarily, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments. Typically the borrower can be approved with 3.5% down vs 20% that is required on other loan programs.

What is a FHA Loan?

A FHA Loan is provided by the Federal Housing Administration and has a lower down payment.

Benefits of FHA Loans

There are many benefits to FHA Loans beyond just a lower down payment.

FHA Loan Eligibility

FHA Loans have more flexible requirements than a traditional conventional mortgage.

FHA Loan Limits

Different counties have different limits on how much you can borrow for an FHA Loan.

Get Pre-Approved for a FHA Loan

If you are a first time home buyer, or simply seeking a lower down payment in Salina, or anywhere in Kansas, contact The Mortgage Company at (785) 825-8100 for more information, or fill out the form on this page.