FHA Loans - Educated Mortgage

An FHA Loan is a Loan Insured by the US Government Against Default

In other words, if a borrower stops making mortgage payments and defaults on their loan, the FHA (Federal Housing Administration) will repay the mortgage company its losses on the loan. This insurance by the government makes the FHA a very popular and important mortgage loan program to help those with lower credit scores and down payments achieve homeownership.

FHA Loans: An Affordable Path to Homeownership

Watching your dreams of homeownership vanish because of credit problems or limited savings? Conventional mortgages often demand impeccable credit records or substantial down payments that could take years to amass, leaving deserving buyers to the side as house prices just continue to increase.

FHA loans are available when conventional financing closes the door, offering flexible credit terms and down payments as low as 3.5% to help you achieve homeownership on your terms, not the bank’s.

Your Accessible Financing Solution

Federal Housing Administration (FHA) loans are designed to help buyers who run into roadblocks with conventional mortgages. You have a minimum credit score of only 580 for the lowest down payment, just 3.5% down to qualify, and you could purchase a $200,000 home for just $7,000 down instead of the $40,000 that a conventional loan might ask for.

These government-insured mortgages level the playing field for working-class families who qualify to own a home but don’t fit neatly into strict boxes that conventional loans require.

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Advantages that Apply to Real-World Situations

FHA loans deliver advantages that reflect the actual concerns buyers are facing in the current marketplace:

Low down payments of 3.5% make home ownership attainable quickly
Flexibility with credit scores for buyers with less than perfect credit or establishing credit
Higher debt-to-income ratios allowed than conventional loans
Gift funds accepted to use for down payment and closing costs
Assumable loans that can be passed on to future buyers

We are experts at helping buyers take advantage of FHA financing to overcome hurdles and achieve dreams of homeownership.

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Choose Your Option.

Purchase a Home

Refinance Mortage

Refinance with Cash-Out

Get Your Personalized FHA Analysis

Wondering if FHA financing is your best option? Stop letting uncertainty keep you from exploring real possibilities that could change your life.
Contact us today for your complimentary consultation with an FHA-experienced mortgage professional who understands how to navigate credit challenges and maximize your approval potential.

Who Can Get an FHA Loan?

FHA loans are more accessible to many borrowers and tend to have more flexible qualification standards than conventional loans. There are no income limits and it will provide financing on 1-4 unit residential properties to be used as primary residences. However, there are limits on how much you can borrow based on where the property is located. To qualify for an FHA loan, you’ll need a minimum 580 credit score and maximum debt to income ratio of 43% (exceptions made up to 55% with compensating factors). The interest rate and closing cost structure of the FHA loans are best suited for clients with less than perfect credit score and low down payment/equity.

Benefits of FHA Loans:

Buy a home with as little as 3.5% down
Refinance loans up to 97.75% of the current value of your home
Low fixed interest rates for borrowers with lower credit scores
Low minimum down payment required for lower credit score borrowers
Streamline refinance available for fast and easy way to reduce your interest rate/payment with no appraisal and little or no closing costs
Clients with a previous bankruptcy can qualify 2 years after discharge
Clients with a previous foreclosure can qualify 3 years after sheriff’s deed transfer

What Our Customers Say

      EXCELLENT  
   Based on 70 reviews 
    
 
 
 
   
 
 
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   Marina Younger 
 
 
 
 Trustindex verifies that the original source of the review is Google. We had unexpectedly found our dream home and needed to get pre approved on what seemed like an impossibly short timeline to make an offer, but Dan came through for us and with a rate that beat all others. If you want a business that you can call that picks up the phone and it's exactly who you need to talk to, you've found the right place.
  
 
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   Brett Peterson 
 
 
 
 Trustindex verifies that the original source of the review is Google. Dan, Heidi, and the Educated Mortgage team made the refinancing process a breeze and easy to understand. They answered every question we had. We definitely plan on working with them again.
  
 
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   Holly Lowry 
 
 
 
 Trustindex verifies that the original source of the review is Google. Dan and his team helped me with a refi and it took forever (on my part not theirs :D) but his team and him answered all my questions and gave me what I needed to work on things and we got it done! Will definitely be going back to them when I need another refi.
  
 
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   Chris B. 
 
 
 
 Trustindex verifies that the original source of the review is Google. Such a great experience!  Dan & Heidi are relentless - so professional, such good communication and follow up, made everything super easy.  The tools they use are also great.  I shopped brokers and had a few I was dealing with and asking questions to, but in the end I'm so glad we chose Educated Mortgage for our recent condo purchase.
  
 
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   Mike Layman 
 
 
 
 Trustindex verifies that the original source of the review is Google. I absolutely love these guys! Best service, best prices and easy to work with
  
 
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   Jessica Gilbertson 
 
 
 
 Trustindex verifies that the original source of the review is Google. I can not say enough good things about Educated Mortgage. We had the pleasure of working with Dan and Heidi. From the beginning conversations with Dan to the loan application to the processes with Heidi all the way up through the closing, the experience was beyond exceptional. Communication with us very efficient and they worked very hard for us. Our situation was extraordinary and definitely presented challenges but they never gave up on us. We actually spoke with Dan several months prior to this and he gave us advise on things we needed to work on, which we did and when we called him back he was ready to go to work for us. Even after the closing, he will watch our loan and mortgage rates and let us know if and when the time could be right to refi. They are there for you from the beginning and we will still be there months or years down the road to help. Even if it is just to ask some questions. Educated Mortgage is just amazing.
  
 
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   Carrie Neu 
 
 
 
 Trustindex verifies that the original source of the review is Google. Friendly people.
  
 
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   Dan Davis 
 
 
 
 Trustindex verifies that the original source of the review is Google. Great people to work with, made the process of the mortgage very easy to understand. Definitely would recommend
  
 
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   Peggy Sheets 
 
 
 
 Trustindex verifies that the original source of the review is Google. It was out second time with Educated Mortgage and it went  as smooth as first time.Dan and Heidi were great explaining things and keeping us informed.We  refinanced out home,took care of some credit card and student loan debt  and enough for a tree removal.and our mortgage is still affordable.we recommend  them highly.Al and Peggy Sheets

FHA Loans in Wisconsin and Illinois

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