About our FHA Loans

When it comes to FHA loans, the Potempa Team has an experienced team of loan officers to effectively guide clients through the application process. We’re well-versed in the application process, as well as the qualification requirements for FHA loans. We can also help clients compare their options when they’re not sure if an FHA loan is right for their current financial situation.
We frequently work with first-time homebuyers and families that are looking to move or upgrade their current living space, as well as those who are looking to refinance their current mortgage. We’ve handled more than one billion mortgages in the past year and with more than 500 Zillow reviews, we’re proud to be the highest-rated mortgage company in Arizona. Below, learn more about how FHA loans work and what to expect when applying for one.


203k Renovation

If you need extra cash to repair or renovate your home, FHA offers 203(k) loans. The loans are based not on the current appraised value of the home, but on the projected value after these renovations would take place.The extra money you receive from the loan after the purchase of the home can then go towards these renovations.

What are the Qualifications for an FHA Loan?

There are a few things that FHA loans require. First, the home you wish to purchase must be appraised by an FHA-approved appraiser. Second, these loans are only for houses that are intended to be the buyer’s primary residence – not for income properties or rental units. Buyers must take occupancy of the home within 60 days of closing. The property must be inspected and must meet minimum property standards as per the FHA.

Other requirements include a minimum credit score to qualify, plus a very low down payment of 3 – 10% of the value of the home, income requirements, and mortgage insurance. In fact, mortgage insurance is one of the main differences between an FHA loan and a regular loan. The credit score, income requirements, and down payment have a lower threshold for approval than a traditional loan.

FHA loans are often the only option for people with spotty credit, or who may not have the means to place a 20% down payment for a house.

Credit Score

Minimum 580 FICO
Up to 57% debt ratio
Minimal down payment
Purchasing a home that has the potential to be perfect with a few repairs and renovations?
Ask about our FHA Streamlined 203k.



Can I refinance my house with an FHA loan?

Yes! If you have limited funds, an FHA loan can help refinance up to 80% of the home’s value.


I don’t want a house. Do I have other FHA home loan options?

Yes! FHA loans are also available for qualifying condominiums, duplexes, and townhomes


Do I qualify for an FHA loan?

To qualify for the loan, you must be able to show documented proof of your income, with two-year work history, have a minimum credit score of 500, have a minimum down payment of 3.5% of the home’s value, and have no recent bankruptcies or foreclosures.


Are FHA loans just for low-income borrowers?

No! Anyone who meets the minimum qualifications for an FHA loan can apply for one. There are no income caps.


How much money will I be approved for?

The loan amount is measured by your debt-to-income ratio. The more you earn and the less you owe, the more you’ll qualify for.


Can a first-time homebuyer get an FHA loan?

Yes! Many FHA borrowers are first-time home buyers, as well.


I have an account in collections. Can I still apply for an FHA loan?

You can still apply if you have an account in collections, but your interest rates may be higher, and you may not qualify for as much money as you would otherwise.


How long do FHA loans take to close?

The typical period is about 30 to 45 days, but if your financial situation is complicated, it may take longer.


Can I apply online for an FHA loan?

Yes! In fact, many borrowers prefer this option. You may still need to mail, or scan and email, documents that the lender needs for approval.


Can self-employed individuals apply for an FHA loan?

Yes! If you’re self-employed, you’ll need to have your current tax returns and the books for your business.

To learn more about FHA Loans, reach out to us today!

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AZ License #BK-0904162
Call Us: 855-421-2753