Loan Programs
FHA Loans
Low down payment. Flexible credit. The most popular loan for first-time homebuyers.
What Is an FHA Loan?
An FHA loan is a mortgage insured by the Federal Housing Administration. It's designed for borrowers who may not qualify for a conventional loan due to lower credit scores or limited savings for a down payment.
As your independent mortgage broker, Phi shops FHA rates across 40+ lenders to find you the lowest rate — not just one bank's offer.
Key Benefits
3.5% Down Payment
One of the lowest down payment options available — just 3.5% with a 580+ credit score.
Flexible Credit
Credit scores as low as 500 may qualify (10% down). 580+ qualifies for 3.5% down.
Gift Funds Allowed
Your entire down payment can come from a gift — parents, family, or employer assistance.
Competitive Rates
FHA rates are often lower than conventional because the loan is government-insured.
Requirements
| Minimum Credit Score | 580 (3.5% down) or 500 (10% down) |
| Down Payment | 3.5% minimum |
| Debt-to-Income Ratio | Up to 57% in some cases |
| Property Type | Primary residence only (1-4 units) |
| Mortgage Insurance | Required (upfront + monthly MIP) |
| Employment | 2 years of steady employment history |
Things to Know
- Mortgage Insurance Premium (MIP) — FHA loans require both an upfront MIP (1.75% of loan amount, rolled into the loan) and an annual MIP (paid monthly). This is the tradeoff for the lower down payment.
- Loan Limits — FHA loan limits vary by county. In Sacramento County, the limit is updated annually. Phi will confirm the current limit for your area.
- Refinancing — FHA Streamline Refinance lets you lower your rate with minimal documentation if you already have an FHA loan.
See If You Qualify
Get pre-approved in 24 hours. No obligation, no hard credit pull to start.
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