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FHA Loans

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Did you Know that you Can get a Loan at 3.5% Down Payment with 580+ FICO with FHA Loan?

The Federal Housing Administration (FHA) created a reprieve for home owners who are unable to afford the high down payment charged on conventional mortgages by coming up with the FHA loan program. This program allows you to qualify for a loan with a lower down payment.

3.5 Percent Down Payment

The minimum down payment you need to qualify for this loan is 3.5 percent of the home purchase price. For instance, on a $200,000 house, you need to pay a minimum of $7,000. This can be from you or a gift from a relative. However, the lender might have some closing costs that you need to pay.


You can only get this mortgage if you plan to use it to obtain or refinance a principal residence with a maximum of 4 units. You require a credit score of 580+ FICO to qualify for this program. You must also meet the income ratio limits to show that you can afford to make the payments.

You have to pay an upfront mortgage insurance premium and annual insurance premium, which can be included in the loan amount. For instance, say the premium is 2.25 percent of the loan amount:

$200,000 – $7,000(down payment) = $193,000

Premium = ((2.25/100) x$193,000) = $4342.50

This means you have to pay a total of $197,342.50 via monthly installments.

Why you Need Centex Capital

As much as the down payment is low, you need to find a reliable FHA-lender to give you the loan. We have the lender you are looking for. This lender has all you need to enjoy the low down payment. We don’t just introduce you to the lender, our professionals take time to help you apply for the loan so that your application doesn’t get rejected.


Contact us to see if you qualify for an FHA Loan. Email us or call us at (800)842-2910.

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