FHA loans are built to help more people become homeowners – and Society Mortgage can help you take the first step.
An FHA loan is a government-backed mortgage that lowers the barriers to homeownership with a small 3.5% down payment and more flexible credit requirements – perfect for first-time buyers or anyone with limited savings
We simplify the mortgage process with expert guidance, fast responses, and real support every step of the way. Here’s how we help you move forward with confidence.
A first-time homebuyer is generally defined as someone who has not owned a primary residence in the past three years. Certain programs may also apply this definition to buyers who meet specific eligibility guidelines.
Many first-time buyers are able to purchase with down payments as low as 3% to 3.5%, depending on the loan program and qualification factors.
Credit score requirements vary by loan program and individual borrower profile. Some programs allow buyers to qualify with credit scores beginning in the high-500s, while others may require higher scores.
Many buyers are able to receive a preliminary pre-approval decision within 24 hours after required information and documentation are submitted.
Many mortgage programs allow eligible buyers to use gift funds from approved sources toward their down payment and, in some cases, closing costs.
Common documents include proof of income, recent pay stubs, bank statements, tax returns, and identification. Additional documentation may be required depending on individual circumstances.
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