FHA Loan

FHA loans are the most widely used loan type for first-time buyers and those rebuilding their credit. Backed by the Federal Housing Administration, they make homeownership possible with credit scores starting in the 580s, down payments as low as 3.5%, and flexible debt-to-income allowances.

At One Way Lending, we deliver FHA financing with:

• Integrity — no surprises, just clear guidance and honest answers.
• Excellence — milestone updates and communication that keep you confident throughout the process.
• Impact — helping families and first-time buyers start building wealth sooner.

FAQs About FHA Loans

Who is an FHA loan best for?
FHA loans are designed for first-time buyers, families with limited savings, and buyers who are rebuilding credit. If you’ve been told “not yet” by others, FHA may be your path to yes.

What are the biggest advantages?

• Down payments as low as 3.5% credit scores starting at 580+ (500–579 with 10% down)
• Higher allowable debt-to-income      ratios (often up to 50% with compensating factors)
• Gift funds can come from family, employers, or approved nonprofits
• FHA’s streamlined refinance option for easier rate reduction in the future
• Loan limits up to $498,257 in most areas, and up to $1,149,825 in high-cost counties

What’s a common misconception?
That FHA is only for people who “can’t qualify elsewhere.” The truth? FHA is often a smart strategic choice even for buyers with strong credit because it creates flexibility and preserves cash for other priorities.

What’s required to qualify?

• Credit score: 580+ with 3.5% down, or 500–579 with 10% down
• Steady income and employment history
• A property that meets FHA appraisal and safety standards
  (All loans subject to FHA appraisal and credit approval.)

How fast can it close?
FHA loans typically close in 25-35 days. Extra steps like appraisal, safety, and repair checks can add time. With our excellence in process management,we keep everything on track and prepare you up front so there are no surprises.

What about mortgage insurance?
FHA loans include a one-time upfront mortgage insurance premium (1.75% of the loan amount) and an annual premium (0.55–0.85% depending on term and down payment). The good news: we’ll map out what this means for you long-term, and many clients later refinance into a conventional loan to remove it.

How does this compare to other loan types?

• Compared to Conventional: FHA is easier to qualify for, but mortgage insurance stays longer.
• Compared to VA: FHA is open to everyone, while VA offers unmatched terms for eligible veterans.
  Our role is to compare side-by-side, so you see the full picture.

What’s the long-term benefit?
FHA is a launchpad — it helps you start sooner, build equity, and then transition into a conventional loan when you’re ready. Plus, FHA’s streamline refinance program makes lowering your rate later easier than starting over.

When isn’t FHA the best choice?
If you already have strong credit, savings for a larger down payment, or access to VA benefits, a conventional or VA loan may save you more long-term. Our commitment is to show you the truth, even if it points elsewhere.

How do I know if I qualify?
That’s the easiest part — book a Dreams & Goals Call. In one conversation, we’ll map out exactly where you stand and what steps can make you ready.