FHA Loans

Affordable Home Financing Made Simple

FHA loans are one of the most popular mortgage solutions for homebuyers seeking flexible qualification requirements and affordable financing options. Insured by the Federal Housing Administration, these loans are designed to help make homeownership more accessible for qualified borrowers by offering lower down payment requirements and accommodating credit guidelines. Whether you’re purchasing your very first home, moving into a new residence, or re-entering the housing market, Jerry Ownby is committed to helping you secure an FHA loan that aligns with your financial goals. Every borrower receives personalized guidance throughout the mortgage process, ensuring a smooth and informed experience from application to closing.

What Is an FHA Loan?

An FHA loan is a mortgage insured by the Federal Housing Administration (FHA) and made by approved lenders. The government insurance protects the lender if a borrower defaults. That allows more flexible guidelines than many other programs.

You can use an FHA loan to purchase a home or, in many cases, to refinance one. These loans are designed for primary residences.

Why Buyers Choose FHA Financing

Lower Down Payment

FHA loans are known for accessible down payment requirements. Eligible borrowers may qualify with as little as 3.5% down, depending on their credit profile. That can help you buy sooner instead of waiting years to save.

Flexible Credit Guidelines

A past credit setback doesn’t automatically close the door. FHA guidelines can accommodate borrowers who are rebuilding, as long as they can show current financial responsibility.

Competitive Fixed Rates

FHA loans are commonly offered with fixed rates. That keeps your principal and interest payment steady for the life of the loan, which makes budgeting easier.

To see how that payment splits over time, read our guide on mortgage amortization.

Help With Higher Debt Loads

FHA underwriting can often accommodate higher debt-to-income (DTI) ratios than some other programs. This may help buyers who carry student loans, car payments, or other obligations.

Gift Funds Welcome

In many cases, family members or approved sources can gift funds toward your down payment. Program guidelines apply.

How Much Will an FHA Loan Payment Be?

Your payment depends on your loan amount, your rate, and your loan term. It may also include property taxes, homeowners insurance, and mortgage insurance.

No single number fits everyone. Our breakdown of the payment on a $400K mortgage shows you how each piece adds up. I’ll also run your own numbers so you see a real monthly payment, not just a headline.

What Types of Properties Qualify?

FHA financing isn’t limited to traditional single-family homes. Depending on guidelines, eligible properties may include:

  • Single-family homes
  • Condominiums in FHA-approved projects
  • Townhomes
  • Manufactured homes that meet FHA requirements
  • Multi-unit properties of up to four units, if you live in one of the units

Multi-unit properties can be especially appealing. Rental income from the other units may help offset your housing costs.

I can help you determine whether a specific property is eligible before you fall in love with it.

Understanding FHA Mortgage Insurance

FHA loans include mortgage insurance premiums (MIP), which typically consist of an upfront premium and an annual premium paid monthly. This insurance is what makes flexible lending possible. Depending on your down payment and loan terms, MIP may remain for part or all of the loan’s life. Jerry will explain exactly how it affects your payment and help you compare it with options like conventional loans.

FHA vs. Conventional: Which Is Right for You?

Both programs have strengths, and the better fit depends on your situation:

  • FHA may be a stronger fit if you have limited savings, a lower credit score, or higher monthly debts.
  • Conventional may be a stronger fit if you have strong credit and a larger down payment, since PMI can often be removed later.
  • VA may be best if you’re an eligible veteran or service member. Learn more about VA loans.

Jerry compares your real numbers across programs so you can see the monthly payment and long-term cost of each.

Basic FHA Loan Requirements

Every file is reviewed individually, but lenders typically look at:

  • Credit history and score
  • Stable income and employment history
  • Debt-to-income ratio
  • Funds for your down payment and closing costs
  • Primary residence use
  • An FHA appraisal confirming value and property condition

Properties must meet FHA health and safety standards. If an appraisal identifies needed repairs, Jerry and your real estate agent can help you plan the best way forward.

FHA Refinance Options

Already own a home with an FHA loan? You may have access to streamlined refinance options that reduce paperwork and help lower your rate or payment, when eligible. Some homeowners also use FHA refinancing to change their loan term or access equity. If you’re considering tapping your equity another way, a HELOC may be worth comparing.

Serving Homebuyers Across 14 States

Jerry Ownby proudly serves borrowers throughout Arizona, Alaska, California, Colorado, Florida, Georgia, Maryland, Montana, Ohio, Texas, Utah, Washington, South Carolina, and West Virginia. No matter where you plan to buy in these states, you’ll receive the same personalized guidance and honest communication.

The FHA Loan Process, Step by Step

  1. Consultation: Talk with Jerry about your goals, budget, and timeline.
  2. Pre-approval: Learn your price range before you start shopping.
  3. Home search: Find a property that meets FHA standards.
  4. Application and documents: Submit your financial information.
  5. Appraisal and underwriting: The home and your file are reviewed.
  6. Closing: Sign your documents and receive your keys.

Estimate your payments with the loan calculator and check today’s rates as you plan.

Personalized Guidance From Start to Finish

Jerry believes every borrower deserves clear explanations, prompt answers, and a mortgage built around their goals, not a one-size-fits-all product. From pre-qualification through closing, you’ll have one-on-one support at every step.

Ready to Explore FHA Financing?

Homeownership may be closer than you think. Call Jerry Ownby at 480-980-0900 or visit 459 N Gilbert Rd, Suite B100, Gilbert, AZ 85234 to discuss your FHA loan options today.