💸 What’s Included in an FHA Monthly Mortgage Payment?
🏘️ Can I Use an FHA Loan to Buy a Multifamily Property?
Why this flexible loan isn’t just for first-time buyers — and why it may be smarter than ever right now.
The FHA loan is one of the most powerful, flexible mortgage options available — but it’s often misunderstood.
From outdated advice to social media “hot takes,” there’s a lot of bad info out there that keeps buyers from exploring FHA as a smart solution — even when it could save them money or make homeownership possible.
Let’s bust the biggest myths about FHA loans — and show why it might be a better fit than you think, especially in today’s market.
🧠 Myth #1: “FHA Loans Are Only for First-Time Buyers”
Truth: FHA is for anyone who meets the guidelines — not just first-time buyers.
You can use an FHA loan even if:
- You’ve owned a home before
- You’re upgrading or downsizing
- You’ve had past credit challenges
As long as the home will be your primary residence and you meet eligibility requirements, FHA is on the table — regardless of how many homes you’ve owned in the past.
🧠 Myth #2: “You Need Bad Credit to Use FHA”
Truth: FHA is credit-flexible, not credit-exclusive.
Yes — it’s great for lower scores (down to 580 with 3.5% down), but many people with good credit still use FHA when it offers:
- Lower monthly payments than conventional
- Easier qualification during income transitions
- A better long-term strategy in today’s market
💡 It’s not about the score — it’s about what structure works best for your budget and goals.
🧠 Myth #3: “You’ll Be Stuck With FHA Mortgage Insurance Forever”
Truth: FHA mortgage insurance can be temporary — and refinancing is always an option.
While FHA’s monthly mortgage insurance (MIP) stays for the life of the loan, many buyers:
- Refinance into a conventional loan once equity grows
- Drop MIP later with improved credit or rising home values
🔁 FHA can be your launchpad — not your forever loan.
🧠 Myth #4: “FHA Is Only for Low-Cost Homes”
Truth: FHA limits are higher than most people realize — especially in high-cost counties.
In 2024:
- FHA loan limits go up to $1,149,825 in some areas
- You can finance 2–4 unit homes and even new construction
- It’s often used for multigenerational homes, duplexes, or move-up buyers
📍 We’ll help you check your exact limit by county — and show what that means in real-world numbers.
🧠 Myth #5: “It’s Not a Good Option in a High Interest Rate Market”
Truth: FHA can be one of the best options in a high-rate environment.
Why?
- FHA often offers lower rates than conventional
- Lower monthly mortgage insurance vs. some conventional loans with low down
- More lenient underwriting = easier approvals in tighter markets
🔍 In a market where conventional buyers are getting squeezed by credit overlays, FHA can give you more breathing room — and a smoother approval process.
🏢 Why PRMI?
As a direct FHA lender, PRMI helps you:
- Understand if FHA is your best fit — not just assume it’s for “someone else”
- Handle the process in-house (no broker handoffs, no surprises)
- Build a long-term game plan, including refinancing later when the time is right
We don’t chase commission. We build custom strategies that fit your goals — now and in the future.
👇 Wondering If FHA Might Be Smarter Than You Thought?
Let’s take a few minutes to walk through your situation — and find out if FHA helps you buy sooner, easier, or smarter.