ILLINOIS · MIDWEST · SUNSHINE STATES: FLORIDA, TEXAS, ARIZONA & CALIFORNIA
FHA loans
A government-insured path to buying a home.
FHA financing may suit buyers looking for a lower down payment or an alternative to conventional underwriting. The Federal Housing Administration insures eligible mortgages; an approved lender makes the loan.
Discuss fha loansWhat is an FHA mortgage?
An FHA mortgage is a loan insured by the Federal Housing Administration and made by an approved lender. Faulkner Financial Group helps borrowers compare available FHA financing through Barrett Financial Group LLC, NMLS #181106. Income, credit, down payment, mortgage insurance, occupancy, and property requirements apply; FHA insurance does not guarantee an individual approval.
On this page
Who may find this useful
- Buyers purchasing a primary residence, including eligible first-time and repeat buyers.
- Borrowers comparing credit flexibility with the total cost of mortgage insurance.
What lenders typically review
- Income, employment, credit history, monthly debts, and funds for closing.
- Property condition and an FHA appraisal; county loan limits also apply.
- Upfront and ongoing mortgage insurance, plus closing costs and prepaid expenses.
PAYMENT STRATEGIES
Explore a temporary buydown.
A temporary buydown uses funded subsidies to reduce your initial out-of-pocket principal and interest payments. It does not change the mortgage’s note rate. With a typical 2-1 structure, payments are calculated at two percentage points below the note rate in year one, one point below in year two, and the full note rate from year three onward.
Seller contributions may help fund an eligible buydown, subject to program limits and lender approval. Ask whether any lender-funded options are currently available. Plan for the full payment after the subsidy ends; a future refinance or lower market rate is not guaranteed.
Ask about current buydown optionsCommon questions
Is FHA only for first-time buyers?
No. Repeat buyers may qualify when they meet occupancy and other program requirements.
How does FHA compare with conventional financing?
Compare the full payment, mortgage insurance, cash needed to close, and long-term cost. The better fit depends on your circumstances.
Let’s review your next step.
Talk with our team about eligibility, documentation, estimated costs, and lender options for your property.
Contact Faulkner Financial GroupConnect with Jindra Faulkner, NMLS #225020: (847) 401-8237 · jindra@barrettfinancial.com
Educational information only. This is not a rate quote, approval, or commitment to lend. Programs, terms, and eligibility vary by lender, state, property, and borrower. All loans are subject to underwriting.
Learn more: CFPB mortgage education. External program information does not guarantee availability through our team.
Explore Chicago-area, Illinois, Wisconsin, Arizona, California, Florida, and Texas home financing · Services subject to applicable licensing.
Content updated · Published by Faulkner Financial Group LLC. Contact Jindra Faulkner, NMLS #225020, with content questions.
Buying after a credit event?
Review waiting periods after bankruptcy, foreclosure, short sale, or deed-in-lieu, plus the dates and documents to prepare.
Explore the credit waiting-period guide