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FHA Loans

The Department of Housing and Urban Development (HUD) is the federal agency responsible for national policy and programs that address America’s housing needs.

The Federal Housing Authority (FHA) which is part of the HUD plays a major role in supporting homeownership by underwriting homeownership for lower- and moderate-income families.

With the help of lenders, like Benchmark Mortgage, FHA assists first-time home buyers and others who might not be able to meet down payment requirements for conventional loans. 

Everyone, who has a satisfactory credit record, enough cash to close the loan, and sufficient steady income to make monthly mortgage payments can be approved for an FHA-insured mortgage. To get an FHA-insured loan, you need to apply to a HUD-approved lender, such as Benchmark Mortgage.

FHA-insured loans are available in urban and rural areas for primary residence single-family homes, for 2-unit, 3-unit, and 4-unit properties, and for condominiums. Interest rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans. Down payments can be as low as 3.5 percent. 

With an FHA-insured mortgage, you can make extra payments to the principal when you make your regular monthly payment. By making extra payments, you can repay the loan faster and save on interest. You can also pay off the entire balance of your FHA-insured mortgage at any time.

FHA loans cannot exceed the statutory loan limit set forth by HUD. The maximum loan amount allowed varies by area and can change each year.

There are a variety of different FHA loan programs available, including:

Standard Fixed Rates Loans for Purchasing or Refinancing: Section 203(b) is the most frequently used FHA program. You may use this program to purchase a new or existing one- to four-family homes, in both urban and rural areas. A section 203(b) fixed mortgage offers a very low down payment and may be repaid in monthly payments over 10, 15, 20, 25, or 30 years.

Condo Loans: Section 234(c) provides mortgage insurance for buyers who wish to purchase a unit in a condominium project. The condominium may consist of more than one building, such as a group of row apartments, high-rise buildings, townhouses, or any combination of these structures. Any condominium project must be approved by HUD.

Rehabilitation Loans for Home Improvements: FHA also insures loans for home improvements. These loans are known as “203(k) loans.” Section 203(k) mortgages allow you to purchase or refinance and rehabilitate a home at least 1-year-old. A portion of the loan proceeds are used to pay off the existing mortgage, and the remaining funds are placed in an escrow account and released as rehabilitation is completed. The improvements financed with Section 203(k) mortgage proceeds must comply with HUD’s Minimum Property Standards and all local codes and ordinances.

Find out if you qualify for an FHA loan by filling out an secure online application at




Ark-La-Tex Financial Services, LLC d/b/a Benchmark Mortgage 5160 Tennyson Pkwy STE 2000W, Plano, TX 75024. NMLS ID #2143 ( 972-398-7676. This advertisement is for general information purposes only. Some products may not be available in all licensed locations. Information, rates, and pricing are subject to change without prior notice at the sole discretion of Ark-La-Tex Financial Services, LLC.  All loan programs subject to borrowers meeting appropriate underwriting conditions.  This is not a commitment to lend. Other restrictions may apply. Idaho Mortgage Broker & Lender #MBL – 4060