Licensed Mortgage Loan Officer · NMLS #2103600 · Nationwide
FHA Loans — Low Down Payment Financing for First-Time & Repeat Buyers
FHA loans are backed by the Federal Housing Administration and built for buyers who don't fit a rigid credit box — down payments from 3.5%, credit scores from 500, and flexible qualifying guidelines. Vanessa Schlitt helps borrowers nationwide get approved, with a focus on Florida.
What Is an FHA Loan
Government-Backed Financing With Flexible Credit Requirements
An FHA loan is a mortgage insured by the Federal Housing Administration, which means the government protects the lender against loss if a borrower defaults. That protection lets lenders extend financing to buyers who might not qualify for a conventional loan — including those with lower credit scores, limited savings, or a shorter credit history.
FHA loans are one of the most common paths to homeownership for first-time buyers, but they're not limited to first-timers. Repeat buyers, buyers rebuilding credit after a financial setback, and buyers who simply want to put down less cash upfront all use FHA financing.
Qualifying
What You'll Typically Need
- Credit score of 500+ (580+ to access the standard 3.5% down payment option)
- Steady employment or income history, generally two years
- The home must be your primary residence
- The property must meet FHA minimum safety and condition standards
- Mortgage insurance premium (MIP), required on all FHA loans
Common Questions
FHA Loan FAQ
What credit score do I need for an FHA loan?
FHA guidelines generally allow credit scores as low as 500, though the required down payment depends on your score: borrowers at 580 and above typically qualify for the standard 3.5% down payment, while scores between 500 and 579 usually require 10% down.
How much down payment does an FHA loan require?
As little as 3.5% of the purchase price for qualifying borrowers, and the funds can come from savings, a gift from a family member, or an approved down payment assistance program.
Can I use an FHA loan for an investment property?
No. FHA loans are only available for primary residences. Vanessa also offers DSCR investor loans and conventional financing for investment and rental properties.
Is an FHA loan only for first-time homebuyers?
No, FHA loans are available to both first-time and repeat buyers. There is no requirement that you've never owned a home before, though FHA does limit you to one FHA loan at a time in most cases.
Does Vanessa Schlitt offer FHA loans nationwide?
Yes. Vanessa Schlitt (NMLS #2103600) is licensed with Loan Factory (NMLS #320841) and helps FHA borrowers across the United States, with a strong focus on clients in Florida.