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Loan Programs
An FHA (Federal Housing Administration) mortgage loan is a type of home loan insured by the Federal Housing Administration, which is part of the U.S. Department of Housing and Urban Development (HUD). FHA loans are designed to make homeownership more accessible to borrowers who may not qualify for conventional loans due to factors such as lower credit scores or smaller down payments. FHA loans can be beneficial for first-time homebuyers and other borrowers who may not have large down payments or perfect credit history.
Down Payment
One of the primary benefits of FHA loans is that they typically require a lower down payment compared to conventional loans. Borrowers may be able to qualify for an FHA loan with a down payment as low as 3.5% of the home's purchase price. (0% Down Payment is available in some cases).
Credit Score
FHA loans may be available to borrowers with lower credit scores than those required for conventional loans. While specific requirements can vary among lenders, borrowers with credit scores of 580 or higher may qualify for the 3.5% down payment option. Borrowers with credit scores between 500 and 579 may still be eligible but might need to make a larger down payment.
Mortgage Insurance
FHA loans require borrowers to pay for mortgage insurance premiums (MIP). Unlike private mortgage insurance (PMI) on conventional loans, which can be canceled once the borrower's equity reaches 20%, MIP on FHA loans typically continues for the life of the loan if the down payment is less than 10%. If the down payment is 10% or more, MIP can be canceled after 11 years.
Loan Limits
FHA loan limits vary by location and are set annually by HUD. These limits are based on the median home prices in each area and are meant to ensure that FHA loans are accessible to borrowers in different housing markets.
*4Ever Lending USA LLC is not affiliated with or sponsored by the U.S. Department of Veterans
Affairs, United States Department of Agriculture, or the Federal Housing Administration.

NMLS #2051275
• www.nmlsconsumeraccess.org

• Licensed by:
o District of Columbia Department of Insurance, Securities & Banking #MLB 2051275
o Florida Office of Financial Regulation #MBR4894
o Maryland Office of Financial Regulation #2051275
o Virginia Bureau of Financial Institutions #MC-7155
• 4Ever Lending USA LLC arranges loans with third-party providers, does not make any mortgage loan commitments or fund any mortgage loans.
• For informational purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval.

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