FHA Loans

Helping make home buying easier

Sometimes getting a mortgage loan isn't as easy as you hoped it to be. Your credit score is less than perfect, and you don't have enough money for a significant down payment. An FHA loan with NASB could be just the solution.

As an FHA-approved lender, you can rest assured that our loans meet FHA guidelines. We aim to provide our customers with the best financial tools to ensure that our mortgage rates are among the lowest cost FHA loans you will find anywhere.

Advantages of an FHA Loan

FHA mortgage loans offer homebuyers advantages not available with other loan types. Those include:

  • Credit requirements not as stringent as conventional loans.
  • FHA loans only require a 3.5 percent down payment.
  • Qualifying is easier even with a large amount of existing debt.
  • Interest rates are often as good or lower than conforming loans. 

Credit Challenges? Applying for an FHA Loan May be a Solution!

FHA loans offer lower credit score requirements, plus a low 3.5% down payment option. Those with credit challenges, a prior bankruptcy or a former foreclosed home may still qualify for an FHA loan, as long as they meet the minimum credit score, seasoning timeline and other program credit and collateral eligibility requirements. Seller paid costs are dependent on the sales contract and lender costs are specific to loan approval.

FHA loans typically have a little more risk involved for the lender. To insure their investment, there are two types of mortgage insurance premiums required on all FHA loans: Upfront mortgage insurance premium (MIP) and Annual MIP.

Not sure where to start?

Fill out this form and a loan officer will contact you to discuss your options.  We'll provide a free rate quote.

Or you can always schedule an appointment.

By clicking the Submit button you agree that you are providing an electronic signature expressly authorizing NASB to contact you by telephone at any of the telephone number(s) provided above using an automatic telephone dialing system or an artificial or prerecorded voice or via text/SMS message, even if the telephone number is assigned to a cellular telephone service or other service for which the called party is charged. NASB may also contact you via email using any email address you provided. This authorization overrides any previous registration on a federal, state or corporate Do Not Call Registry or any internal NASB privacy or solicitation preference you have previously expressed. You are not required to provide this authorization as a condition of purchasing any property, goods or services from NASB. As an alternative, you may call us directly at (866) 627-7119 and we will process your request over the phone.

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.

  • A down payment of at least 3.5% is required for a credit score of 580 or higher. However the money can be gifted from a family member.

  • 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.

  • Prior bankruptcy or foreclosures need to be season over 36 months and you need to have re-established good credit.

NASB is an FHA Approved Loan Lender 

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. The Federal Housing Administration is an agency of the United States government. They insure loans made by banks and other private lenders for a variety of potential home buyers. There are varying forms of eligibility required to receive an FHA loan. The Federal Housing Administration (FHA) was created to help lower income borrowers obtain a mortgage. These government-backed mortgages protect lenders against defaults and allow homeowners with lower credit scores and less down payment amounts to buy a home.


99% Customer Recommendation Rating from Lending Tree

Everyone I dealt with was a top notch professional.  It makes me even prouder having served my country, knowing I got this type of excellent treatment.  Thank you NASB and everyone involved.  Someday I would like to meet each and everyone involved in this transaction, you people are what America is made of, thank you again for the smooth transaction.

- John from Indiana

 

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My loan officer was always available to me, even when I would leave a message he would get back to me promptly. While working with NASB, I felt like he was working for me and not just his company. His team was very helpful in gathering information to complete my loan.

 

- Tracey from Oregon

 

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NASB and its staff are awesome. They actually have their act together and can help you navigate through the entire process with ease. This is my 3rd loan through them. I would highly recommend.

 

- Dale from Maryland

NASB reviews from LendingTree.com