FHA Loans

FHA Loans in Phoenix, AZ

Low 3.5% Down Payment - Flexible Credit - First-Time Homebuyer Friendly

What is an FHA Loan?

An FHA loan is a mortgage insured by the Federal Housing Administration, a division of the U.S. Department of Housing and Urban Development (HUD). FHA loans are designed to help lower-income and first-time homebuyers qualify for a mortgage with more flexible requirements than conventional loans.

FHA Loans

Why Choose FHA Loans with Summit Lending?

Craig Pribyl at Summit Lending Solutions is an independent mortgage broker licensed in 6 states. As an independent broker, Craig shops dozens of lenders to find you the most competitive FHA Loans rate and terms. You get the expertise of a seasoned mortgage professional combined with access to a wide range of lenders.

Access to dozens of FHA Loans lenders
Personalized guidance from application to closing
Fast pre-approvals, often same-day
Transparent process with no hidden fees
Licensed in AZ, CO, ID, OR, WA and WY

FHA Loan Requirements

Minimum credit score of 580 for 3.5% down payment
Credit scores 500-579 may qualify with 10% down
Debt-to-income ratio up to 57% in some cases
Property must be your primary residence
Home must meet FHA minimum property standards
Must have steady employment history for 2 years

FHA Loan Benefits

Down payment as low as 3.5% with 580+ credit score
More flexible credit requirements than conventional loans
Seller can contribute up to 6% toward closing costs
Gift funds can be used for the entire down payment
Competitive interest rates regardless of credit score
Available for single-family homes, condos, and 2-4 unit properties

FHA vs. Conventional Loans

FHA: Lower credit score requirements (580 vs 620)
FHA: Lower down payment for buyers with limited savings
FHA: More flexible debt-to-income ratios
Conventional: No upfront mortgage insurance premium
Conventional: PMI can be removed; FHA MIP is often permanent
Craig will help you determine which is best for your situation

Frequently Asked Questions About FHA Loans

What is FHA mortgage insurance?

FHA loans require two types of mortgage insurance: an upfront mortgage insurance premium (UFMIP) of 1.75% of the loan amount, and an annual mortgage insurance premium (MIP) paid monthly. For loans with less than 10% down, MIP is required for the life of the loan.

Can I use an FHA loan to buy a fixer-upper?

Yes! The FHA 203(k) loan allows you to finance both the purchase price and renovation costs into a single loan. This is a great option for buyers who want to purchase a home that needs work.

Are there FHA loan limits?

Yes, FHA loan limits vary by county. In most Arizona counties, the 2024 FHA loan limit for a single-family home is $498,257. Higher limits apply in high-cost areas. Craig can confirm the exact limits for your target area.

Ready to Apply for a FHA Loans?

Craig Pribyl will personally guide you through the entire process. Get pre-approved today - fast, free, and no obligation.

Apply for an FHA Loan Talk to Craig