FHA Loans
Welcome to TopOne Mortgage—your Rockville-based correspondent lender with in-house processing and Direct Endorsement underwriting for faster FHA case‐number assignment and on-time closings. Whether you’re buying your first condo or moving up in price, an FHA-insured mortgage lets you put just 3.5 % down, qualify with credit scores from 580, and borrow up to $1,209,750 in the D.C.–metro’s high-cost counties—all while locking a competitive fixed rate.
What Makes a Loan “FHA”?
- Government-backed: The Federal Housing Administration (FHA) insures the loan, reducing lender risk and opening doors for borrowers who fall just outside conventional guidelines.
- Down payment: 3.5 % with ≥ 580 FICO; 10 % with 500–579 scores.
- Floor: $524,225 in most U.S. counties.
- Ceiling: $1,209,750 for one-unit homes in every high-cost jurisdiction of the D.C. metro area—Fairfax Co., Arlington Co., Montgomery Co., and the District of Columbia.
- Debt-to-income (DTI): Automated approvals to ~50 %; manual approvals to 43 % with strong compensating factors.
- Mortgage insurance: 1.75 % upfront MIP (financeable) plus annual MIP that starts at 0.50 – 0.55 % for most 30-year loans.
- Occupancy: Primary residence; non-occupant co-borrowers allowed.
- Assumable & streamline-refi friendly: Keep or pass along the low rate later.
Why Choose an FHA Loan from TopOne?
- Direct Endorsement approvals: Your loan goes to a dedicated FHA underwriting team—bypassing big-bank layers for faster turn times.
- 3.5 % down all the way to $1.21 M in our high-cost counties—no second mortgage needed.
- Manual-underwrite expertise: We help buyers with thin credit files, recent grads, and self-employed borrowers who need flexible income documentation.
- DPA & gift-fund savvy: We pair you with state and county down-payment-assistance programs and document family gifts correctly the first time.
- Seller contributions up to 6 %: FHA allows the seller to cover closing costs—such as appraisal, title fees, and upfront MIP—so be sure to ask your loan officer how to structure credits in your purchase contract.
- Smooth, 30-day closings: In-house processing + warehouse line = consistent, white-glove timelines.
- Post-closing check-ins: We’ll periodically review your loan and let you know if an FHA Streamline refinance could lower your payment when market conditions improve.