Academy Bank 
1201 Walnut St Kansas City MO 64106
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Bank Routing Number
107001481
Bank by Mail/General Mail
PO Box 26458
Kansas City, MO 64196
Deposit Only Mailbox
PO Box 26744
Kansas City, MO 64196
Phone Number
1-877-712-2265
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FHA Mortgage Loan FAQs
What is a FHA loan and who qualifies?
An FHA mortgage is a home loan insured by the Federal Housing Administration (FHA), designed to make homeownership more accessible, especially for first-time homebuyers or those with lower credit scores.
What are the benefits of a FHA loan?
- Lower Down Payments: FHA loans typically require a down payment as low as 3.5%.
- Flexible Credit Requirements: Borrowers with lower credit scores can qualify.
- Assumable Loans: FHA loans can be assumed by the buyer when you sell your home.
- Higher Debt-to-Income Ratios: FHA loans allow higher debt-to-income ratios compared to conventional loans.
- Historically, FHA loans have had lower interest rates than conventional loans.
Who qualifies for an FHA mortgage?
- Credit Score: Minimum credit score of 580 for a 3.5% down payment; 500-579 for a 10% down payment.
- Income: Steady employment history and proof of income.
- Debt-to-Income Ratio: Typically, a maximum of 43% of your gross monthly income.
- Primary Residence: The home must be the borrower’s primary residence.
- How much can I borrow with an FHA mortgage?
- Loan limits vary by county and are determined based on the cost of living and local real estate market conditions. For specific limits in your area, please contact us.
What types of properties are eligible for an FHA home loan?
- Single-Family Homes
- Multi-Family Homes (up to four units)
- Condominiums (approved by FHA)
- Manufactured Homes (meeting FHA standards)
What is the minimum down payment for an FHA mortgage?
The minimum down payment for an FHA home loan is 3.5% of the purchase price for borrowers with a credit score of 580 or higher. For credit scores between 500 and 579, the minimum down payment is 10%.
Are there any additional costs associated with FHA mortgages?
- Upfront Mortgage Insurance Premium (UFMIP): Usually 1.75% of the loan amount.
- Annual Mortgage Insurance Premium (MIP): Paid monthly, varying based on the loan amount and term.
Can I refinance my FHA mortgage?
Yes, FHA loans offer several refinancing options, including the FHA Streamline Refinance, which allows you to refinance with reduced documentation and potentially lower closing costs.
What is an FHA Streamline Refinance?
An FHA Streamline Refinance is a simplified refinancing process for existing FHA borrowers, requiring less documentation and no appraisal, designed to lower your monthly mortgage payment or change your loan term.
How do I apply for an FHA mortgage?
- Pre-Qualification: Start by getting pre-qualified to determine how much you can borrow.
- Application: Complete our online application or visit a branch to apply.
- Documentation: Provide necessary documents such as proof of income, employment history, and credit information.
- Approval: Once your application is reviewed and approved, we’ll guide you through the closing process.
- Where can I get more information or assistance with my FHA mortgage application?
- You can contact our mortgage specialists for more personalized assistance and information.