💡 Interest-Only Jumbo Loans: Pros, Cons, and Who They’re For
📋 FHA Loan Requirements for 2025: Credit, Income & More
A flexible, affordable way to buy or refinance — even with less-than-perfect credit.
Not everyone has a perfect credit score, big savings for a down payment, or a straightforward financial profile.
That’s exactly why FHA loans exist.
👉 Backed by the Federal Housing Administration, FHA loans are designed to make homeownership and refinancing more accessible, especially for first-time buyers, lower-credit borrowers, and people recovering from financial setbacks.
Whether you’re buying your first home or doing a cash-out refinance to consolidate debt, here’s how FHA loans work — and why they’ve helped millions of people get into a better financial position.
✅ What Is an FHA Loan?
An FHA loan is a type of mortgage insured by the Federal Housing Administration.
This insurance protects lenders, which allows them to offer:
- Lower credit score requirements
- Smaller down payments
- More flexible guidelines
FHA loans are available through approved lenders like PRMI, but they follow rules set by the government.
🔁 FHA Loans Aren’t Just for Purchases
While many FHA borrowers use these loans to buy a home, they’re also a powerful tool for:
- Cash-out refinancing (to pay off high-interest debt)
- Streamline refinancing (to lower your rate)
- Financing a 2–4 unit property with just 3.5% down
- Getting back on track after credit challenges or bankruptcy
💡 FHA loans are one of the few mortgage options that work for people rebuilding their finances.
📊 Key Features of FHA Loans (2025)
| Feature | FHA Loan |
|---|---|
| Minimum Credit Score | 580 (with 3.5% down) |
| Minimum Down Payment | 3.5% |
| Loan Limits | Vary by county (up to $1,149,825) |
| Mortgage Insurance | Required (more below) |
| Loan Types | Purchase, rate/term refi, cash-out refi |
| Property Types | 1–4 unit owner-occupied homes, condos |
| Residency | Must live in the property as primary residence |
💰 What Can You Use an FHA Loan For?
✅ Buying your first home
✅ Buying again after bankruptcy or foreclosure
✅ Cash-out refinancing to consolidate debt
✅ Lowering your interest rate with a streamline refi
✅ Buying a small multi-family home and living in one unit
✅ Getting financing with limited credit history
🧠 How It Works
- Apply with an FHA-approved lender (like PRMI)
- Get pre-approved based on credit, income, and property
- Choose your home or refinance goal
- Go through FHA-compliant underwriting and appraisal
- Close and move forward with a clear, affordable mortgage
The key benefit? You get access to financing that’s more forgiving — while still getting into a safe, fixed-rate mortgage.
🏢 Why PRMI?
At PRMI, we specialize in FHA loans for:
- First-time buyers and repeat buyers
- Cash-out refinances to consolidate debt
- Credit rebuilding strategies
- Self-employed or unique-income borrowers
- Fast closings and flexible, in-house underwriting
We’re here to help you get approved and move forward — even if other lenders have said no.
👇 Want to See If an FHA Loan Is Right for You?
Whether you’re buying a home or looking to refinance and reduce debt, we’ll help you explore FHA loan options that fit your goals.