FHA Mortgage Loans

FHA Mortgage Loans

Affordable financing makes homeownership dreams come true

The upside is lower down payments

FHA loans offer a variety of financial advantages.


Easier on your savings

Depending on your credit rating, down payments can be as low as 3.5%.

Choose your terms

Our FHA loans feature fixed rates for 15 or 30 years.

Flexible credit guidelines

Even borrowers with rocky financial histories can can qualify for an FHA loan.

Reduced closing costs

Receive a $1,000 closing cost credit when you close on an FHA mortgage at Credit Union ONE.

The biggest hurdle for many potential homebuyers? Saving enough money for a down payment. The Federal Housing Administration program makes that a much smaller hill to climb. Down payments as low as 3.5% - plus relaxed credit guidelines - have opened doors to home ownership for millions of people over the years.

  • Get personalized assistance applying for an FHA loan from a Credit Union ONE Mortgage Consultant
  • Loans are for primary residences only. Homes must be listed as accepting FHA offers to qualify.

Credit Union ONE is a full-service financial institution with locations in Southeast Michigan, Davison, MI, Traverse City, MI, and Grand Rapids, MI.

Run the numbers

Run the numbers on an FHA loan.

FHA Mortgage Loans FAQs

To protect lenders from faulty loans, the Federal Housing Administration (FHA) offers loans that are backed or insured. This backing enables prospective home buyers, who otherwise may not qualify, to get financing to buy a home.

FHA loans are unique in that they offer opportunities to potential home buyers who have had previous financial difficulties, such as past due collections, bankruptcy, and foreclosures. This loan has the lowest credit score requirement and the highest debt-to-income ratio eligibility. Wondering if you qualify? Find out if this loan is a good fit for you by contacting our Mortgage Lending team today!

A debt-to-income ratio is calculated by dividing all your monthly debt payments by your gross monthly income. Lenders use this number to determine your ability to repay the money you plan to borrow on time. For a FHA Loan, borrows can have a higher debt-to-income ratio compared to a standard mortgage debt-to-income requirements. 

Private mortgage insurance (PMI) is a form of mortgage insurance that may be required with certain types of loans. If you default on your loan, PMI protects your lender. In the case of a FHA Loan, a certain down payment is required to waive PMI. However, FHA insurance is often cheaper than traditional PMI.

The FHA mortgage can be your key.

The calculator tools are not guarantees of credit. Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes.