Licensed to do business in the State of Florida, Colorado, Georgia and Tennessee. NMLS 222883.
Insured by the Federal Housing Administration, so we can say yes to buyers a conventional loan would turn away. A smaller down payment, a lighter credit history or more monthly debt does not have to keep you renting.
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Licensed in Florida, Tennessee, Georgia and Colorado. NMLS 222883.
The FHA does not lend you the money. CPF does. The FHA insures the loan, which means if a borrower stops paying, the government covers part of the lender's loss. That insurance is why we can approve a smaller down payment, a lower credit score and a higher debt load than conventional guidelines allow, at rates that are often just as good.
You pay for that insurance two ways. An upfront mortgage insurance premium of 1.75% of the loan amount is charged at closing, and nearly everyone rolls it into the loan rather than paying cash. Then an annual premium, typically around half a percent of the balance, is split into your monthly payment. With less than 10% down it stays for the life of the loan; with 10% or more down it drops off after 11 years.
That lifetime premium is the main trade-off against a conventional 30 year fixed, where insurance ends at 20% equity. Many FHA buyers plan for it: get into the home now, build equity and credit, then refinance into a conventional loan once they qualify. FHA also has a streamline refinance that lets you lower your rate later with reduced paperwork.
FHA guidelines are the most forgiving of any mainstream program. Here is what they generally look for, and where there is room to work.
Guidelines are the program's typical requirements, not a commitment to lend. Your loan officer will tell you exactly what applies to your file.
The programs people weigh against a FHA loan most often.
| Loan | Minimum down | Rate | Term | Mortgage insurance | Best for |
|---|---|---|---|---|---|
| FHA This page | 3.5% minimum | Fixed or adjustable | 15 or 30 years | Upfront and monthly premium | Buyers with a smaller down payment, a lighter credit history or more debt than a conventional loan allows. |
| 30-year fixed Conventional | As little as 3%; 5% is typical | Fixed for the life of the loan | 30 years | Until you reach 20% equity | The lowest fixed monthly payment, and the loan most first-time buyers start with. |
| VA Government-backed | None required | Fixed or adjustable | 15 or 30 years | None; a one-time VA funding fee instead | Veterans, active-duty service members and eligible surviving spouses. |
| USDA Government-backed | None required | Fixed | 30 years | Upfront and annual guarantee fee | Buying in an eligible rural or small-town area with no down payment. |
Three steps, and the underwriters, processors and closers all sit in the same office as your loan officer.
Five minutes online or by phone. No credit pull is needed for a first estimate.
A loan officer prices a FHA loan against the closest alternatives so you can compare payment, cash to close and total cost.
We verify income, assets and credit, issue your pre-approval letter, and our in-house team takes it through closing.
FHA is not only for first-time buyers, the rate is not worse, and the appraisal is not the deal killer people fear. A quick video on what the program actually is.
No. Anyone who meets the guidelines and will live in the home can use an FHA loan, including repeat buyers and current homeowners who are selling and moving. It is popular with first-time buyers because of the low down payment, but it is not restricted to them.
Generally 580 or higher for the 3.5% down payment. Scores from 500 to 579 can still qualify with 10% down, though fewer lenders work in that range and the file gets a closer look. If you are close to a threshold, a few months of focused credit work can be worth it.
There are two pieces. The upfront premium is 1.75% of the loan amount, and almost everyone finances it into the loan rather than paying it at closing. The annual premium, typically around half a percent of the balance for most 30 year loans, is divided into your monthly payment. With less than 10% down it lasts for the life of the loan. With 10% or more down it ends after 11 years. Refinancing into a conventional loan once you have 20% equity removes it entirely.
Yes. FHA allows the entire down payment to come from a gift from a family member, employer or close friend with a documented relationship, as long as it is a gift and not a loan. Down payment assistance programs, including state and local programs, can also be used with FHA financing.
Generally two years after a Chapter 7 bankruptcy is discharged and three years after a foreclosure, deed-in-lieu or short sale, provided you have rebuilt credit and had no new late payments since. Borrowers in a Chapter 13 repayment plan can sometimes qualify after 12 months of on-time payments with court approval. Documented extenuating circumstances can shorten the wait in some cases.
It covers more ground. Besides confirming value, the FHA appraiser checks that the home meets minimum property standards for safety, security and soundness: things like a working heat source, no peeling paint on older homes, safe stairs and a roof with life left in it. Most homes in normal condition pass. If something needs fixing, it usually gets repaired before closing rather than sinking the deal.
Looking to buy a home or refinance soon? Your credit score could make or break your loan approval and interest rate. In this guide, we share quick, effective tips to help you improve your credit score fast, from disputing report errors to lowering credit card balances and more.
Wondering if getting pre-approved for a mortgage will hurt your credit score? We break down the difference between soft and hard inquiries, how much your score might drop, and why pre-approval is a smart move for any homebuyer.
Discover how the Florida Hometown Heroes Loan Program helps eligible full-time workers in Florida receive up to $35,000 in down payment assistance. Start your journey with CPF Mortgage today.
Tell us what you are trying to do and we will come back with real numbers: rate, payment, cash to close and how this loan stacks up against the alternatives. No obligation, and no credit pull until you ask for one.
CPF Mortgage
10710 FL-54 c101
Trinity, FL 34655
(727) 226-1040
Licensed mortgage lender and broker in Florida, Tennessee, Georgia and Colorado. NMLS 222883.
