FHA Loans

Own your home with as little as 3.5% down, and flexible guidelines

Prospera Mortgage offers you loans through top wholesale lenders to match you with competitive pricing, faster turn times, and options that fit first-time and repeat buyers alike.

Why Choose FHA?

Lower Entry Costs & Flexible Credit

  • Low down payment: as little as 3.5% for many buyers.

  • Flexible credit: designed to help borrowers building or rebuilding credit.

  • Gift funds & DPA friendly: many sources for down payment/closing costs.

  • Assumable: qualified buyers may assume an existing FHA loan (potentially valuable in higher-rate markets).

  • Refi paths: Streamline, rate-and-term, and cash-out options.

Document Checklist

Be application-ready

  • Government ID & SSN

  • 30 days of paystubs; last 2 years W-2/1099; tax returns if applicable

  • Recent bank/asset statements

  • Insurance quote (purchase)

  • Current mortgage & insurance (refi)

  • Purchase contract & condo docs (if applicable)

Who’s a Great Fit?

FHA works best when…

You want a low down payment and flexible credit.

You may benefit from an assumable loan for future resale value.

You plan to streamline an existing FHA loan if rates drop.

You need seller credits toward closing costs (subject to limits).

FHA Programs Available

FHA Purchase 3.5% Down

Enter the market with a low down payment and flexible credit guidelines. Ideal for first-time and returning buyers who value affordability and room to qualify.

  • Down payment options starting at 3.5% (credit & eligibility apply).

  • Gift funds permitted; seller contributions toward closing costs allowed (limit apply).

FHA 5/1 ARM

Consider a lower initial rate with an FHA 5/1 ARM. Great for shorter timelines or a plan to refinance later.

  • Fixed for the first 5 years; adjust per terms afterward.

  • Pair with a temporary buydown for extra early-payment relief (where eligible).

FHA Cash-Out Refinance

Tap your equity for renovations, debt consolidation, or major expenses. We’ll model your new payment and breakeven vs. alternatives.

  • Current guidelines typically cap cash-out to 80% LTV, subject to FHA limits and eligibility.

  • Owner-occupied only; seasoning and credit rules apply.

 

FHA Loan FAQs

  • Many buyers qualify with as little as 3.5% down, subject to credit and eligibility. We’ll confirm the best path for you.

  • FHA loans include an upfront mortgage insurance premium (UFMIP) that can be financed, plus an annual MIP paid monthly. We’ll show you the exact cost for your scenario.

  • Yes, if you already have an FHA loan and meet requirements (current on payments, net tangible benefit, and other rules). Often no appraisal is required.

  • Current FHA guidelines typically cap cash-out to 80% LTV, subject to FHA county limits and eligibility.

Prospera Mortgage LLC is an independent mortgage broker. Programs, rates, terms and eligibility are subject to change without notice and may vary based on borrower profile, property type, occupancy, and market conditions. Not a commitment to lend. All loans are subject to underwriting approval. Equal Housing Opportunity.