What is an FHA Loan? | Dayton FHA Loans by Northern Mortgage

Northern Mortgage | FHA Loans in Dayton

What is an F.H.A. Loan?

HELPING YOU AND YOUR FAMILY FIND A FOREVER HOME.

AT A GLANCE:

- FHA loans are government-backed loans made for borrowers with average or lower-than-average credit and stable income.
- Down payments can be as little as 3.5%*.
- FHA Loans can be used for a purchase or refinance.
- Borrowers are typically required to purchase Private Mortgage Insurance (PMI).

WHAT IS IT?

FHA home loans are mortgage loans offered by private lenders and insured against default by the Federal Housing Administration (FHA). The FHA doesn’t issue loans or set interest rates; it just guarantees against default.

Because of this guarantee, FHA loans allow individuals who may not qualify for a conventional mortgage obtain a loan, especially first-time home buyers.

HELPING YOU AND YOUR FAMILY FIND A FOREVER HOME.

AT A GLANCE:

- FHA loans are government-backed loans made for borrowers with average or lower-than-average credit and stable income.
- Down payments can be as little as 3.5%*.
- FHA Loans can be used for a purchase or refinance.
- Borrowers are typically required to purchase Private Mortgage Insurance (PMI).

WHAT IS IT?

FHA home loans are mortgage loans offered by private lenders and insured against default by the Federal Housing Administration (FHA). The FHA doesn’t issue loans or set interest rates; it just guarantees against default.

Because of this guarantee, FHA loans allow individuals who may not qualify for a conventional mortgage obtain a loan, especially first-time home buyers.

What are the benefits of an FHA loan?

FHA-backed loans offer lower minimum down payments, reasonable credit expectations, and flexible income requirements.*

IS An FHA LOAN FOR ME?

Borrowers with average and below-average credit and stable income may qualify for the FHA-backed loan!

FHA Loans are great if you can pay the monthly mortgage payments but lack the credit profile to qualify for a traditional loan. This is made possible by FHA’s reasonable credit expectations and flexible requirements.

Just like any home loan, our loan officers can determine your eligibility for an FHA home loan.

If your credit profile is average or below-average, and you only have 3.5% of the purchase price saved as a down payment, the FHA loan may be the best choice for you to purchase sooner, rather than later.

Get Pre-approved!

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WHAT’S THE NEXT STEP?

Before you begin shopping for homes, contact a Loan Officer! Even if you’re not ready to buy today, they’ll give you the information and resources you need to move forward with confidence.

If you’re ready to purchase a home, your offer will become stronger with a pre-approval from Northern Mortgage. No matter your lender, a pre-approval is highly recommended.

In order to apply, you’ll need to collect several documents, including proof of income and assets (e.g. bank statements, etc.), employment verification, and identity verification.

You’re more than welcome to reach out to any of Northern Mortgage’s licensed loan officers with any questions you have!

* No guarantees or offers to lend implied. Contact a licensed loan officer for additional details or to determine eligibility.

Get an FHA Loan

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Our dayton LOAN OFFICER

Bill Hudson

Branch Manager

Dayton, OH

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What a GREAT experience! Bill and the rest of the staff were fast, reliable, and very pleasant to work with. I would recommend them to anyone and will use them again in the future!

Greg T.

Our counter offer was accepted! Thank you, Bill, for helping us get pre-approved so quickly; we couldn’t have done this without you!

Brooke N.

I worked with Bill to purchase my first home and I couldn’t be happier with the experience. He was accommodating, efficient, and genuine! Thank you, Bill!

Amanda D.