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Discover Your Path

Path to Homeownership

with an FHA Loan

If you’re facing challenges like less-than-perfect credit or limited cash for a down payment, an FHA loan can help you secure the home you desire

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What is an FHA Home Loan?

FHA loans are government-backed mortgages insured by the Federal Housing Administration (FHA) and offered by private lenders like Green Arrow Mortgage. These loans provide an opportunity for individuals with fair credit to become homeowners. FHA loans typically feature lower interest rates and a minimum down payment of just 3.5%. You can borrow up to $472,030 in most areas. Due to their more flexible qualification requirements, FHA loans are an excellent choice for first-time homebuyers.

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FHA Loan Requirements

Before applying for an FHA loan, it’s important to understand the following requirements:

Primary Residence:

The property financed with an FHA loan must be your primary home; it cannot be used for investment properties or vacation homes.

3.5% Down Payment:

The FHA allows a minimum down payment of just 3.5%, making it ideal for first-time buyers or those with limited savings.

Mortgage Insurance Premium:

Borrowers are required to pay a Mortgage Insurance Premium (MIP), which protects the lender in case of default.

Verifiable Income:

You need to provide documentation proving verifiable income, such as pay stubs, bank statements, or tax returns.

Minimum FICO Score:

FHA loans have more lenient credit requirements than conventional loans. We require a minimum FICO score of 600 for FHA loans.

Primary Residence:

The property financed with an FHA loan must be your primary home; it cannot be used for investment properties or vacation homes.

3.5% Down Payment:

The FHA allows a minimum down payment of just 3.5%, making it ideal for first-time buyers or those with limited savings.

Mortgage Insurance Premium:

Borrowers are required to pay a Mortgage Insurance Premium (MIP), which protects the lender in case of default.

Verifiable Income:

You need to provide documentation proving verifiable income, such as pay stubs, bank statements, or tax returns.

Minimum FICO Score:

FHA loans have more lenient credit requirements than conventional loans. We require a minimum FICO score of 600 for FHA loans.

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How to Apply for an FHA Loan with Green Arrow Mortgage

Applying for an FHA loan with us is straightforward. You can complete the entire process online and consult with a Mortgage Loan Officer whenever necessary.

1

View Your Rate in Minutes:
Pre-qualifying for an FHA loan is quick and easy—find out what rates you qualify for in no time.  

2

Choose Your FHA Loan:
After getting pre-qualified, select the FHA loan terms that best fit your budget and needs.

3

Receive Your Funds:
Once your loan application is finalized, we’ll fund your loan. Your journey to homeownership is just around the corner!  

Need Assistance?

If you’re unsure which option is best for your unique needs, contact one of our Mortgage

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Why Choose Green Arrow Mortgage for Your FHA Loan?

Don’t Worry About Your Score:

If you’re still working on improving your credit, that’s okay! We offer FHA loans with a lower minimum FICO® score requirement.

Low Down Payment:

The minimum down payment is just 3.5%, making it accessible for many buyers.

 

Learn More About FHA Loans

Considering refinancing your mortgage? Here are some helpful resources to get you started:

  • Business Hours: Monday to Friday, 9am - 5pm
  • Location: 24285 Katy Fwy Suite #660, Katy, TX 77494

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