What Is an FHA Loan?
An FHA loan is a government-backed mortgage insured by the Federal Housing Administration. Designed to make buying a home more accessible, FHA loans offer more flexible requirements than many conventional loans — making them a popular choice for first-time buyers and those with limited savings.
Why Choose an FHA Loan?
With an FHA loan, you may benefit from:
- Low down payment – as little as 3.5% of the purchase price
- Flexible credit requirements – easier to qualify than many conventional loans
- Assistance with closing costs – sellers, builders, and lenders can contribute
- Assumable mortgages – take over an existing FHA loan from a seller
- Refinance options – FHA loans aren’t just for new purchases
- No prepayment penalties – pay off your loan early without extra fees
- Gift funds allowed – down payment can come from family support
FHA Loan Limits and Requirements
Loan limits vary by county and property type, but FHA loans are available for many single-family and multi-family homes that will be used as your primary residence. To apply, you’ll typically need to provide:
- Employment history
- Credit score and bank statements
- Recent tax returns and W-2s
- Paystubs and social security number
- Any divorce or support agreements (if applicable)
Special Option: FHA 203(k) Loan
The FHA also offers the 203(k) renovation loan, which allows you to finance both the purchase of a home and the cost of needed repairs or improvements in a single loan.
How Tim and Liz Can Help
As FHA-approved lenders, Tim and Liz Serratt make the process smooth and straightforward. They’ll walk you through the requirements, help you understand your options, and ensure you’re set up with the right loan for your situation.
Take the First Step Today
Homeownership could be closer than you think. If you’ve been held back by down payment or credit score worries, an FHA loan may be the solution.
What our Clients say
Trusted by families across the Treasure Coast.
Tim was absolutely amazing figuring our mortgage out. It was such a stressful situation and the first lender denied us literally at the last minute! But Tim kept us calm and reassured us that it was gonna happen. And let me tell you he did it! He pulled a rabbit out of the hat and made some magic happen! I just cannot say enough about how pleased we are with Contour. Tim and his Wife Liz make an excellent team and even followed up with us when this stressful process was all done. You can tell they really care about their clients. We will definitely be only using them in our next mortgage!
Im a 25 year old Navy veteran going through college. My wife and I wanted a house to start building our family and Tim made ut all possible. He worked with us to fix our finances, and get us into our dream house. My family and I are extremely greatful for the work that Tim did and we are hoping that if anyone is in a similar situation in life and are too scared to try, you feel a little more comfortable with letting Tim help you.
Thankful, grateful and blessed. These are the words that come to mind now that we are in our beautiful home. Thankful to Tim for carrying us throughout the sometimes stressful moments of the home buying process. Tim never wavered and when road blocks come, as they sometimes do, Tim plowed through them and took every possible step to make sure we got our home. Communicating every aspect to us efficiently and clearly (even figuratively talking us off of the ledge a few times 😂) Grateful that we chose Tim & Liz to handle this home purchase as I know in my heart that if not for them, we may not be in our beautiful home had we went with another mortgage company. Blessed to now be in our home, to have chosen Contour mortgage , and to have met and worked with these two amazing people. Dreams do come true 🥰 Thank you Tim, Liz, and the entire team at Contour mortgage for making ours come true! T&C