FHAloans.com is a non-government-affiliated website that you can use to learn about all aspects of financing or refinancing your home through FHA loans. You can also use the site to learn about your FHA loan eligibility and connect with relevant lenders based on your specific situation.
In terms of what you can actually find on FHAloans.com, the site offers comprehensive guides, calculators, and resources you can use to better educate yourself about FHA loans. Most notably, through a series of simple questions, you can learn whether or not you’re eligible for FHA loans in the first place.
What’s Available on FHAloans.com?
FHAloans.com wants to make your path to getting an FHA loan to purchase a home as simple as possible.
If you’re not familiar with FHA loans, they’re loans that are offered to U.S. homebuyers by FHA-approved lenders and insured by the Federal Housing Administration. More specifically, they can be used on a variety of property types, including single-family homes, condo units, duplexes, manufactured housing, and mobile homes.
There are also different FHA loan types catering to different needs and situations. While there are more than a dozen different FHA loan types, we’ve explained the most common:
- Fixed-Rate FHA Loan: The most common type of FHA loan, fixed-rate mortgages come in 15- and 30-year terms and have the same interest rate for the entirety of that term. The government fully backs the loan while lenders set their own interest rates.
- Adjustable-Rate Mortgage: Adjustable-rate FHA loans come in 3-, 5- or 7-year terms. Rates are fixed during this period but can rise afterward. As a result, your mortgage payment can rise as well.
- FHA Energy Efficient Mortgage: Can be used to cover the costs of acceptable energy-related improvements on an existing home or a new home you’re purchasing.
Regardless of the FHA loan type, due to their low down payment and credit requirements (eligible borrowers can be approved with as little as 3.5% down), FHA loans are an attractive option for first-time homebuyers, those with poor credit, or low income.
However, it’s important to note that FHAloans.com is not a lender itself. Instead, it acts as a connecting force between you and FHA loan lenders. However, this only encapsulates part of what the site does. It also offers a variety of tools and resources you can use to learn about FHA loans, your eligibility, and all sorts of other aspects related to FHA loans.
Specifically, you can find the following tools and resources on FHAloans.com:
- FHA Home Mortgage Calculator
- FHA Home Affordability Calculator
- FHA Income Limits
- FHA Loan Guide
- FHA Refinancing Guide
- FHA Loan Articles
- Eligibility Checker
- FHA Lending Guide
How It Works
While FHAloans.com’s educational content is incredibly useful for anyone wanting to better understand how to navigate the complicated world of FHA loans, the site’s most useful feature is its eligibility checker.
Because your FHA loan eligibility depends on your credit score, income, debts, home price, and the size of your down payment, as well as various other factors, it can be difficult to know where you stand on your own. Fortunately, FHAloans.com makes knowing that much easier. It runs you through a simple questionnaire to help determine your eligibility.
This questionnaire is free to fill out and asks you to answer a few questions, including:
- What’s your zip code?
- How much do you plan to spend on your new home?
- Is this your first time purchasing a home?
- Have you (or your spouse) ever served in the US military?
- How much of a down payment would you like to make?
- What is your household gross (before taxes) annual income?
- Have you declared bankruptcy in the last 3 years?
- What is your current credit score?
After answering the questions, and providing some basic contact information, a lender will get in touch with you to discuss your eligibility and FHA loan options.
While requirements and guidelines can vary by lender, generally speaking, to qualify for an FHA loan, you’ll need to meet the following criteria:
- Have sufficient credit and income
- Have a valid Social Security number
- Be a lawful U.S. resident
- Make a down payment of at least 3.5 percent (you’ll need a credit score of at least 580 to qualify for a 3.5% down payment, although you may be able to qualify for a 10% down payment with a credit score below 580)
- Intend to use the property as your primary residence
- Have an appraisal performed on the property by an approved appraiser (appraisers must ensure the home is a healthy, safe and structurally sound building to live in, as well as make sure the actual value of the home matches or exceeds the purchase price)
Additionally, if you’ve filed for bankruptcy, you’ll need to be at least two years removed from the filing and have since established good credit. Similarly, if you’ve experienced a foreclosure, you must be three years removed from the foreclosure to qualify.
In terms of what you can expect to pay in closing costs (origination fee, survey, appraisal, underwriting fee, etc.) this will vary by lender. Generally speaking, however, closing costs tend to equal around 2% to 5% of the total loan amount.
Pros and Cons
- Dozens of free guides and articles you can use to better educate yourself about the FHA loan process
- Free FHA loan eligibility checker
- Various calculators to help you better understand your financial situation, including a Home Mortgage Calculator and an FHA Home Affordability Calculator
- Uses your basic information to connect with your lenders offering what you need/what you’re eligible for
- Not an actual FHA loan lender
- Not affiliated with the U.S. Dept of HUD or any government agency
You can look at FHAloans.com as that older sibling you wish you had when you were first trying to get a grasp of your finances. While the site may not be an actual lender of FHA loans, it provides you with everything you could possibly need to obtain the perfect FHA loan for your needs. You can educate yourself about eligibility, different FHA loan types, FHA loans in comparison to other mortgage options, and plenty more.
You can even use the site’s eligibility checker to see if you qualify for an FHA loan in the first place. If you do, you’ll be connected with a lender who can talk you through your options and ultimately help you land the perfect FHA loan for your specific situation.
The best part is that everything on FHAloans.com can be used and accessed for free, which is why, if you’re looking for the best possible mortgage option on the market, FHAloans.com is a worthy resource.