FHA Loan

If you meet FHA loan requirements, you can apply online and get pre-approved and pre-qualified for a NASB FHA home loan with the best interest rates to help you get you into your dream home.

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Key Features

Credit requirements not as stringent as conventional loans

FHA loans require only a 3.5% down payment

Friendlier debt ratios than other loans

We help make home buying easier with great FHA loan rates.

lf you meet FHA loan requirements, this is one of the best mortgage solutions for the credit-challenged and first time home buyer. FHA loan guidelines were created to help those with difficulty getting conventional loans, with lower credit score requirements, plus a low 3.5% down payment option. As long as you meet the minimum credit score, debt-to-income ratio, and other necessary eligibility requirements, you could be FHA pre-approved and pre-qualified with great FHA loan rates and on your way to home ownership. Earning the privilege to lend FHA loans is a responsibility we take seriously. That's why as an FHA-approved bank, we adhere to a high level of lending standards.



FHA Loan FAQs

A mortgage loan that's insured by the Federal Housing Administration (FHA). Here's a blog that explains more.
Here's six steps to follow to apply for an FHA loan:

  • Start the pre-approval process - Sellers take you more serious if you are pre-approved for a loan.
  • Fill out a loan application - In most cases, you will fill out the Uniform Residential Loan Application after you’ve made an offer on the house.
  • Appraise the property - An FHA-approved appraiser will need to assess the market value of the property to make sure it aligns with the offer. 
  • Begin mortgage underwriting - The lender with work as a liaison between the borrower and the underwriting, gathering information on your financial situation, including credit score, income, and provided documentation. 
  • Receive a decision - If all qualifications are met, your loan application will be approved. 
  • Closing process - This includes reviewing the loan documents to ensure accurate information has been captured. Closing costs will also need to be paid at this time.
Read this blog for more information on applying for an FHA loan.
To pre-qualify for an FHA loan, you'll need:

1. Verifiable income.
2. Ability to afford the housing payment and any existing debt.
3. Have at least 3.5% for a down payment.
4. Have an established credit history. 
6. Find a home that doesn't exceed FHA loan limits.
7. Begin the application process.

Here's a blog that has more information.

A minimum loan amount of $175,000 is required to apply. Exceptions include mortgage products for properties located within the Greater Kansas City metro and surrounding areas. Contact a NASB Loan Officer for details on the excluded areas and/or zip codes.

Typically, you can qualify for these loans with a 3.5% down payment. The mortgage insurance percentage on FHA loans tend to be higher than for non-FHA mortgage types. For some borrowers, this is more manageable since the insurance payments are spread out, and the upfront costs can be lower.
Because the loan is guaranteed by the FHA, low to moderate income families can qualify for home loans without the strict financial restrictions other loan types impose.

Documentation you may need for an FHA  conventional loan includes but is not limited to the following:

  • Two years full tax returns if self-emloyed - all pages and all schedules
  • Two years W2s
  • Two most recent pay stubs with year-to-date pay
  • Two most recent asset statements - all pages with full transaction history
  • Copy of your mortgage statement if you currently own
  • Bankruptcy and discharge papers (if applicable)
  • Copy of Drivers License
Click here for a calculator that can determine what your FHA loan payments will be based on your purchased price, down payment, term, and interest rate.


FHA Loan Guidelines & Requirements

  • You must have a valid Social Security number and be a legal resident of the United States
  • You'll need to have steady employment history
  • FHA loans are only available for a primary residence
  • The property must be appraised by a FHA-approved appraiser and needs to meet certain standards
  • The front-end ratio (mortgage payment plus homeowners association fees, property taxes, mortgage insurance, home insurance) will need to be less than 31% of your gross monthly income
  • Monthly debts (credit card payments, car payment, student loans, etc.) need to be less than 43% of gross monthly income
  • Minimum 580 credit score
  • Prior foreclosures need to be season over 36 months and you need to have re-established good credit
  • Prior Chapter 7 Bankruptcies need to be seasoned over 24 months since the discharge date
  • Prior Chapter 13 Bankruptcy – FHA allows to be not discharged as long as they have satisfactorily made 12 months of payments of the payout period
  • Minimum loan amount of $175,000 required to apply*

Click here for additional FHA loan FAQs

Want to learn more about the mortgage process at NASB?

Preparing to Buy a Home

The Mortgage Loan Process

Closing the Loan and Next Steps


FHA Loan Featured Blogs

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What is an FHA Loan?

 

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How to Prequalify for an FHA Loan

 

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Government Programs for First-Time Buyers

 

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FHA Loan Borrower Resources


VIdeo -Choosing the Right Loan

 

calculator

Calculator - How much will my FHA loan payments be

 

First time home buyer ebook

First-Time Home Buyer eBook

 

Additional Resources

Steps to Buying a House

Find a Loan Officer

Check Mortgage Rates



 

Ready to get started?

 


Apply now 



What Our Customers Say
Rachel C., October 4, 2022
★★★★★ (5)

"Great and timely communication. Smooth process and knowledgeable loan officer who took time to answer all my questions. I am a first time home buyer and this has been a good experience!"

90 Net Promoter Score

Based on closed loan customer surveys from 6/1/2022 to 5/30/2023

$31 Billion in home loans

In the last decade based on lender data

103,000 home loan customers since 2010

Based on lender data
*Minimum loan amount of $175,000 required to apply. Exceptions include mortgage products for properties located within the Greater Kansas City metro and surrounding areas. Contact a NASB Loan Officer for more details on the specific areas and/or zip codes excluded.