FHA Loans

Better Than Big Names, Shopped from Hundreds!

At Lightning Loans, our FHA Loans get you the best rates from hundreds of lenders, bypassing the high costs of Quicken, Better Mortgage and others.
500

Minimum Credit Score

57%

Maximum Debt To Income

96.50%

Maximum Loan To Value

$822k

Maximum Loan Amount

Innovative Mortgage, through our Lightning Loans division, understands the nuances and common misconceptions surrounding FHA mortgages. It’s essential to recognize that not all FHA loans are created equal, and various lenders can indeed apply their own set of rules, known as overlays, to the basic guidelines provided by the Federal Housing Administration (FHA).

Clarifying FHA Loan Variations and Overlays:

  • FICO Score Requirements: Some lenders might set their minimum FICO score for an FHA loan at 640, while others may accept borrowers with scores as low as 600, or even lower.
  • Lender Overlays: Each lender can impose additional criteria for loan approval on top of the FHA’s standards, such as lower debt-to-income ratios, higher credit score requirements, or a larger down payment.
  • Cost Differences: The fees associated with FHA loans can vary significantly from one lender to another. This includes origination fees, closing costs, and the overall cost of the mortgage over its term.

Why Choose Lightning Loans by Innovative Mortgage for FHA Financing:

When you come to Lightning Loans by Innovative Mortgage for your FHA financing needs, you can expect a comprehensive approach that seeks out the most favorable terms for you:

  • Competitive Environment: We meticulously compare offerings from lenders A, B, C, D, and E, ensuring you’re presented with competitive rates and terms that align with your financial situation.
  • No Stone Unturned: Our dedicated team works diligently to uncover the best FHA loan options, taking into account any potential lender overlays that might affect your qualification or the cost of the loan.
  • Client-Centered Service: At Innovative Mortgage, we prioritize understanding your unique needs and circumstances, striving to match you with an FHA loan that minimizes costs and maximizes benefits.
  • Transparency and Education: We aim to demystify the FHA loan process, educating you on the potential variations among lenders and guiding you to make informed decisions.

Empower Your Homebuying Journey with Lightning Loans:

Securing an FHA mortgage through Lightning Loans by Innovative Mortgage goes beyond finding a one-size-fits-all solution. We pride ourselves on being meticulous in our search for the best possible mortgage for you, with the added benefit of empathetic, personalized service.

Contact Innovative Mortgage today to explore your FHA loan options with Lightning Loans. Let us help you navigate through the diverse FHA lending landscape to find a mortgage that’s the perfect fit for your homeownership goals.

Pros of FHA Loans

1

Low Down Payment

With FHA loans, you only need a 3.5% down payment to secure your mortgage.
2

Lenient Credit Requirements

Even with a credit score as low as 580, you can still qualify for an FHA loan.
3

Rate Advantage

We offer FHA loans at lower interest rates and fees compared to big mortgage houses like Quicken Loans or Rocket Mortgage.

Cons of FHA Loans

1

Mortgage Insurance

FHA loans require both an upfront and annual mortgage insurance premium.
2

Loan Limits

The maximum amount you can borrow with an FHA loan is determined by the county in which you live.

Key Issues That Will Get Early Attention

1
Verify Eligibility
Our experts will help you determine your eligibility for an FHA loan, considering your credit score, down payment, and other factors.
2
Review Loan Amounts
We'll review the FHA loan limits in your area to ensure this option fits your home buying or refinancing needs.
3
Discuss Mortgage Insurance
While FHA loans require mortgage insurance, we'll discuss how this affects your monthly payments and long-term costs.
4
Explore Other Loan Options
If an FHA loan doesn't seem like the right fit, we have many other mortgage options to explore.