FHA Mortgages
The Path to Homeownership Made Easier: Low Down Payments & Flexible Credit
Why Choose an FHA Mortgage with Town Team?
Buying a home doesn’t have to require a massive down payment or a perfect credit score. An FHA (Federal Housing Administration) loan is a government backed mortgage designed to help more families in the Chicago area achieve the dream of homeownership with lower barriers to entry.
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3.5% Down Payment Keep more of your savings in your pocket. With an FHA loan, you can move into your new home with as little as 3.5% down—and those funds can even come from a gift from a family member.
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Flexible Credit Requirements While big banks often have strict "overlays" (extra rules) that make it hard to qualify, we work with a wide range of credit scores. If your credit isn't perfect, an FHA loan is often your best path to approval.
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Lower Rates, Higher Savings FHA loans often come with more competitive interest rates than conventional loans for borrowers with less-than-perfect credit. Combined with our wholesale pricing, we ensure you get the best deal possible.
Is an FHA Loan Right for You?
FHA loans are an excellent option for:
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First-Time Homebuyers: Perfect for those who haven’t had years to save for a 20% down payment.
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Borrowers with Less-Than-Perfect Credit: More forgiving requirements for those with past credit challenges.
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Lower Closing Costs: FHA rules allow sellers to contribute up to 6% of the purchase price toward your closing costs, making the "out-of-pocket" expense even lower.
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Multigenerational Homes: FHA loans can be used for 1-4 unit properties, as long as you live in one of the units.
The Town Team Advantage
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While other lenders may struggle with the paperwork and red-tape of government-backed loans, our streamlined internal process allows us to close your FHA mortgage on time, with the lowest rate, and the lowest closing costs.
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We don't just find you a loan; we find you the right loan to set you up for long-term financial success.
Ready to See If You Qualify?Our experts are standing by to review your goals.
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Get a personalized FHA quote and find out how much home you can afford in 24 hours or less.