Government-Backed
Mortgage Solutions
An FHA loan is a type of mortgage insured by the Federal Housing Administration (FHA), which is overseen by the U.S. Department of Housing and Urban Development (HUD). While the government insures these loans, they're underwritten and funded by FHA mortgage lenders.
Mortgage Insurance by the Federal Housing Administration
An FHA loan is a type of mortgage insured by the Federal Housing Administration (FHA), which is overseen by the U.S. Department of Housing and Urban Development (HUD). While the government insures these loans, they're underwritten and funded by FHA mortgage lenders.
Choose the Right FHA Loan for Your Needs
FHA 203(k)
Allows homeowners to finance up to $35,000 for home repairs and improvement. Can be used to buy a fixer-upper and cover renovation costs.
- Up to $35,000 for home repairs and improvement
- Buy a fixer-upper and cover renovation costs
Energy-Efficient Mortgage
Allows homeowners to finance up to $35,000 for home repairs and improvement. Can be used to buy a fixer-upper and cover renovation costs.
- Up to $35,000 for energy-efficient improvements
- Finance green upgrades with your mortgage
Cash-out Refinance
Allows homeowners to finance up to $35,000 for home repairs and improvement. Can be used to buy a fixer-upper and cover renovation costs.
- Access home equity for renovations
- Cash out for repairs or improvements
FHA Streamline Refinance
Allows homeowners to finance up to $35,000 for home repairs and improvement. Can be used to buy a fixer-upper and cover renovation costs.
- Simplified refinance process
- Lower documentation requirements
FHA Loan at a Glance
FHA Loan Requirements
FHA Credit Score
As low as 580 with a 3.5 percent down payment or as low as 500 with a 10 percent down payment.
FHA Down Payment
At least 3.5 percent down if your credit score is at least 580, or at least 10 percent down if your credit score is between 500 and 579.
FHA Debt-to-Income (DTI) Ratio
At most 43 percent (up to 50 percent in some cases).
FHA Occupancy Rules
Primary residences between one and four units.
FHA Mortgage Insurance Premiums (MIP)
An upfront premium of 1.75 percent of the loan principal, typically paid at closing; plus annual premiums between 0.15 percent and 0.75 percent depending on down payment and loan amount and term, typically paid monthly.
FHA Loan Limits
Vary by county. Contact us for specific limits in your area.
What Our Borrowers Say
"Mike performed a miracle, really he came through on a loan for a buyer for my house when others failed. My house was for sale for almost a year with no offers and finally when I received an offer Mike made it happen all within ten days, when the other lender kept delaying it. Selling a home is so stressful, Mike kept me informed every step of the process, he said the loan would go through and it did! I am so grateful to him for making it happen, now I can have my new home and new beginning. Mahalo Mike and God bless"
"I recently obtained a mortgage with BluEleven and I needed a lender that could work with unique situations for the self-employed. Mike and his team completed my mortgage in record time and offered a very competitive product. I highly recommend Mike and his team as not only did they deliver quickly, they were excellent in their communication, knowledge and friendly. 5 star service."
"Isahi and the team with BluEleven were excellent to work with. Great rates. Patient and answered all my questions. My real estate agent also praised them. We were able to close on a tight deadline. I would not hesitate to suggest BluEleven to others."
"Isahi and the whole team at BluEleven Mortgage are amazing! We have used them twice now, once for a purchase and again for a refi. I let Isahi know what I would like to do and she quickly lets me know what my best options are. She is knowledgeable, a great communicator and works quickly to get things done (all of my favorite qualities). I will absolutely use them again in the future."
"Mike & Isahi did a great job getting my loan done very quickly without any issues. Great job with organization and execution! I would recommend them highly!"
"My partner and I just bought a place in LA and had the best experience with BlueEleven. Day or night, Isahi was always available and very attentive during the whole process. Overall had a smooth experience and would highly recommend working with her!"
Frequently Asked Questions About FHA Loans
FHA loans are ideal for first-time homebuyers, those with lower credit scores, or borrowers who may not have a large down payment. With down payments as low as 3.5% and flexible credit requirements, FHA loans make homeownership more accessible.
You'll generally need to provide the past two years' worth of Tax Returns, two of your most recent pay stubs, your driver's license or other official identification and full statements of your assets (checking account, savings account, 401(k) and any other places you hold money).
FHA loans offer lower down payment requirements and more flexible credit standards than conventional loans. However, they require mortgage insurance premiums (MIP) both upfront and annually. Conventional loans may have stricter requirements but can offer lower overall costs for well-qualified borrowers.
For FHA loans with less than 10% down, MIP is required for the life of the loan. With 10% or more down, MIP can be removed after 11 years. The only way to eliminate MIP entirely is to refinance to a conventional loan once you have sufficient equity and meet conventional lending requirements.