FHA loans explained honestly: 3.5% down with a 580+ score, flexible debt-to-income, gift funds allowed — plus the MIP math nobody shows you.
Andy and Frank Hempel, Senior Loan Officer's
The Mortgage Refs
Phone: (586) 883-5994
Email: [email protected]
NMLS# 1905798
Company NMLS# 2273319
Licensed in: MI
FHA loans explained honestly: 3.5% down with a 580+ score, flexible debt-to-income, gift funds allowed — plus the MIP math nobody shows you.
Loan programs
FHA loans exist because life happens — a thin file, a rough patch, a score still climbing. 3.5% down from a 580+ score, forgiving debt-to-income math, and gift funds welcome. Here’s the whole picture, including the insurance cost other pages bury.
My score is 612. Everyone says wait a year.
FHA was built for right now — 612 clears the 580 bar for 3.5% down. Waiting only helps if we’re using the time on purpose.
Let’s price both paths: buy now with FHA, or a 90-day score plan first. Numbers beat vibes.
Delivered
FHA loan limits vary by county — we confirm your area’s limit in the first conversation.
A worked example on a $350,000 purchase — illustrative, not a quote.
Ok but what does the insurance really cost me per month?
Price / 3.5% down $350,000 / $12,250
Base loan $337,750
Upfront MIP 1.75% (financed) +$5,911
Annual MIP ~0.55% ≈ $158/mo
So the flexibility costs about $158 a month here. If your score would only qualify for a rough conventional PMI quote, FHA often nets out cheaper anyway — we compare both, every time.
Rough rule: under ~680 score or tight DTI, FHA usually wins. Above it, conventional deserves a hard look.
Send your numbers. We’ll price FHA today against a 90-day plan and tell you which one wins — even if the answer is “wait.”
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Equal Housing Opportunity. This is not a commitment to lend. All loans subject to credit approval, income verification and property appraisal. Rates shown are illustrative, not an offer, and change without notice.