FHA Loans

FHA Loans

FHA
Loans

HomeStreet Bank has been continuously making Federal Housing Administration (FHA) insured loans since 1937, so it’s safe to say your loan application is in capable hands.

Some features of FHA loans include:

  • Down payments as low as 3.5%
  • More relaxed qualification guidelines than Conventional mortgages
  • FHA interest rates may be some of the lowest available
  • FHA 203(k) loans provide funds for renovation along with the home purchase or refinance

Is an FHA loan right for you?

FHA loans, secured by the Federal Housing Administration, are one of our most popular offerings and for good reason. FHA loans allow for a small down payment, just 3.5%, and the qualification criteria permits a lower credit score than Conventional loans. Currently, HomeStreet can consider applicants with credit scores of 580 or above.

For first-time homebuyers, FHA tends to be a realistic choice because of the low down payment requirement. Homebuyers using an FHA loan must pay Mortgage Insurance, but can refinance to a Conventional loan once equity has increased and if qualification criteria is met. In most cases, Mortgage Insurance must be paid if less than 20% is put down on a home, so for many buyers it's unavoidable. 

FHA loan limits have increased, down payment requirements have been reduced, and changes have been made to the qualifying criteria, making these loans a good alternative for more borrowers than in the past. In short, for many home buyers, an FHA loan may be a solid choice.

Features of an FHA loan include:


All loans subject to approval.

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