The minimum credit score for an FHA loan is typically 580 for a 3.5% down payment. If your credit score is between 500-579, you may still qualify with a 10% down payment. The Smith Mortgage Group has experience working with borrowers across this credit spectrum and can provide guidance on improving your credit profile if needed.

FHA loans require two types of mortgage insurance: an upfront mortgage insurance premium (UFMIP) of 1.75% of the loan amount (which can be rolled into the loan) and an annual mortgage insurance premium (MIP) that's paid monthly. The MIP rate depends on your loan term, loan amount, and down payment. The Smith Mortgage Group will clearly explain these costs and factor them into your monthly payment estimate.

Yes! FHA loans can be used to purchase properties with up to four units, as long as you live in one of the units as your primary residence. This is an excellent way to start building wealth through rental income. The Smith Mortgage Group can help you understand the specific requirements and benefits of this strategy.

For most FHA loans originated after June 2013, mortgage insurance remains for the life of the loan if you put less than 10% down. With a 10% or higher down payment, MIP can be removed after 11 years. The Smith Mortgage Group can help you understand these rules and plan accordingly.

FHA loans typically take 30-45 days from application to closing. The Smith Mortgage Group has streamlined this process and can often close loans in as little as 21 days when all documentation is provided promptly. We'll keep you informed throughout the entire process.