FHA Loans


What is a FHA Loan?

FHA loans are an attractive option, especially for first-time homeowners in Narberth, as well as all of Pennsylvania, because it is insured by the Federal Housing Administration (FHA). Primarily, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments.


Benefits of FHA Loans vs. Conventional Loans

Credit Score Minimum
  • 620 in most cases
  • Some programs allow scores as low as 580
  • 500 in most cases
  • Below 500, if it is the result of non-traditional credit history or insufficient credit
Down Payment
  • 3% – 20%
  • 3.5% – 10%
Loan Terms
  • 10, 15, 20 and 30 Year Terms
  • 15 and 30 Year Terms
Loan Limit
Type of Property
  • Primary Residence
  • Vacation Home
  • Second Home
  • Investment Property
  • Primary Residence Only
Bankruptcy Waiting Period
  •  Chapter 7 or 11 (4 years)
  • Chapter 13 (2 years from discharge date, 4 years from dismissal date)
  • Multiple Bankruptcy Filings (5 years if more than one filing within the last 7 years)
  • Foreclosure (7 years)
  •  Chapter 7 or 11 (2 years)
  • Chapter 13 (12 months payments and approval from Bankruptcy court)
  • Foreclosure (3 years)


Get Pre-Approved for a FHA Loan

Rock Hill Financial, LLC has been a Mortgage lender for the Main Line for over 12 years! Serving Narberth, Ardmore, Bala Cynwyd, Bryn Mawr, Philadelphia and beyond. We are your most trusted source for mortgage lending! If you are a first time home buyer, or simply seeking a lower down payment, contact Rock Hill Financial, LLC at (610) 668-0168 for more information, or fill out the form on this page.