What is an FHA Loan?

An FHA Home Loan is a mortgage option provided by private, approved lenders and insured by the Federal Housing Administration. It’s a great option if you’re looking for a smaller down payment. Plus it’s available for all income levels and may allow you to use a gift or grant for all or a portion of your down payment or closing costs. Compare FHA Loan qualifications and features with other Santander Bank mortgages and determine if it’s the best option for you. 

FHA Home Loan Features

Low Down Payment

Save money up front with a down payment as low as 3.5%.

Flexible Rates

Choose from a variety of adjustable-rate mortgage or fixed-rate mortgage options.

Buy or Refinance

Use an FHA Loan to purchase a new home or to refinance your existing mortgage.

FHA Mortgage Requirements

To qualify for an FHA Loan, you must:

  • Have a credit score of 640 or higher.
  • Be able to prove steady employment history.
  • Have a property appraisal from an FHA-approved appraiser.
  • Be at least two years out of bankruptcy or three years out of foreclosure.
  • Pay mortgage insurance up front and throughout the term of the mortgage.

Ready to Get Started with a FHA Home Loan?

Santander Bank is an approved lender for FHA loans. Contact a mortgage specialist or fill out a pre-qualification application online.