Loans

FHA Loans

Reach the dream of home ownership with an FHA-backed mortgage.

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FHA Loans

FHA Loans

FHA loans are home loans guaranteed by the US Federal Housing Administration in order to help families with lower incomes or lower credit scores purchase homes. They provide a great opportunity to those who are in tighter financial situations, or those that are looking to put less money down on a home. Because of their flexibility, there are additional requirements that need to be met in order to become eligible for an FHA loan.

Unlike conventional loans, FHA loans will always carry monthly mortgage insurance no matter how much of the home you have paid off. The borrower is also responsible for an up-front premium to the FHA that is usually added to the overall loan amount and rolled into the mortgage. 

There are many factors that determine your eligibility for FHA loans, ranging from loan limits and debt-to-income ratios, to the type of home you are purchasing. First Bank is here to guide you through the process and answer any questions you may have to ensure you obtain the best mortgage option available to you.

  • Purchase with as little as 3.5% down*

  • Qualify with a credit score of 600 or higher

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*A 30-year FHA loan with 3.5% down can be reflected with the following example mortgage scenario, not including insurance and property taxes: A $200,000 property is financed at 96.5% LTV with a loan amount of $193,000 at a rate of 4.000% (5.415% APR). An Upfront mortgage insurance premium is rolled into the total loan amount at a rate of 1.75%. Monthly Mortgage Insurance Premium is rolled into the monthly payment at a rate of .85% for the life of the loan. The estimated payment is calculated to be $1,074.25/month.


Whether you’re purchasing a new home or refinancing an existing one, all it takes is a few minutes to complete the first step in our 
application process.

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