FHA Mortgage

An FHA mortgage is loan made through an FHA approved mortgage lender and insured by the Federal Housing Administration. The FHA backs qualified loans provided by Ross Mortgage Corporation to promote homeownership for those with low or moderate income and or limited savings.

Borrowers who can not or do not want to invest a large down payment or who have blemishes on their credit histories that may preclude them from certain uninsured programs may wish to consider an FHA mortgage. FHA loan limits vary by county with larger loan amounts allowed in areas with higher housing costs. Contact a Ross Mortgage loan officer to see if an FHA loan may be right for you.


  • The Federal Housing Administration allows for some negative credit marks without interest rate penalties
  • FHA allows family members to co-mortgage (co-sign) for a borrower who may not otherwise qualify for the mortgage
  • Low down payment
  • Down payment and money for closing may be gifted by a relative
  • Easier to qualify based on more generous credit qualifying criteria
  • Existing FHA loans are assumable by a new home buyer
  • Easy to refinance when rates decline


  • Loan amounts are capped and vary by county
  • Processing may take longer than for conventional loans
  • Appraisal guidelines may be stricter than for conventional loans