FHA Home Purchase Loan Info


Bridge Mortgages is an approved FHA home loan lender providing new home financing with low rate FHA mortgages. Buying a home can be a stressful time but FHA home loans make the financing process so much easier. We specialize in FHA house loans for first time homebuyers and consumers with limited or poor credit. We recommend FHA mortgage loans to consumers who have less than perfect credit or not much to put down for a down-payment to buy a home. FHA purchase mortgages enable people who rent to get into the home buying game with a unique financing opportunity at a low mortgage rate. We will help you find FHA purchase loan options, even if you have a low credit score.

Fixed Rate FHA Home Purchase Loans

FHA provides insurance to mortgage lenders that they will receive their mortgage payment even if the buyer defaults.

The cost of this loan insurance is passed to the borrower in the form of an upfront insurance premium (of the loan amount) and monthly insurance payments (equaling .5% of the loan amount) over the life of the loan.

However, the up-front mortgage premium can be financed into the loan amount directly. Don't forget that the new tax laws consider mortgage insurance as tax-deductible like interest.

How Do FHA Home Purchase loans Work? An FHA home loan is a government inspired loan program that was designed for equal opportunity in the 1930’s. The FHA loans helped get families with lower incomes a lower down payment when buying a new home.

What is the FHA? The FHA is an acronym for Federal Housing Administration. It was created in 1934 in an effort to offer help to Americans seeking homeownership. For the first time, FHA ensured that consumers in this country had access to affordable home financing. Along with Congress, the Department of Housing and Urban Development oversees the Federal Housing Administration. They have a vested interest in making sure that people in this economy have equal access to affordable housing and homeownership opportunities.

What are FHA Home Loans and How Can They Help? The first distinction between an FHA home loan and a standard bank loan is that you're not borrowing money directly from the FHA. Instead, you're borrowing from a bank, but that loan is insured and supported by the FHA. Because the FHA insures your mortgage, the qualification requirements are looser, making it easier to qualify. Also, you don't need a perfect credit score to qualify.

Do I Still Need a Down Payment? Yes, but with FHA you only need to come up with a 3.5% down-payment.

Does FHA Allow Gift Funds? Yes, first time house buyers are eligible for FHA purchase loans by using gift funds. That means if your friends and relatives want to help you buy a home, FHA is acceptable with that, as long as it can be documented.

What are the Requirements for FHA Eligibility? In most cases, you need to be a lawful U.S. resident at 18 years of age. Talk with FHA home loan lenders that have underwriters on staff to verify your income, assets to determine that you have the ability to repay the mortgage.

FHA Articles of Interest:

How to Get a FHA Mortgage with Bad Credit

FHA Announces Expanded Guidelines to Help People with House Foreclosure Alternatives

Do FHA Insurance Rates Go Up?

Home Purchase Calculator

FHA Home Loans Offer Flexibility for First Time Home Buyers

FHA purchase loans are great for first-time buyers and those who are low to moderate income. Be sure if you are shopping loans to request a good faith estimates and disclosures from the mortgage brokers you are talking with.


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