FHA Loans - Peregrine Financial

Mortgage & Real Estate Services
Los Angeles

FHA Loan

An FHA loan is a mortgage insured by the Federal Housing Administration (FHA), a government agency within the Department of Housing and Urban Development (HUD). The purpose of FHA loans are to make homeownership more accessible and affordable for low- and moderate-income borrowers. FHA loans require a minimum down payment of 3.5% and have less stringent credit requirements than conventional loans, making them a popular choice for first-time homebuyers. However, FHA loans also require borrowers to pay a mortgage insurance premium of 1.75% financed into the balance of the mortgage upfront, and mortgage insurance premiums (MIP)are for the life of the loan, which can increase the overall cost of the mortgage.

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