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FHA Loan

Featuring Killed in the Line of Duty Loan Protection

About FHA Loans

Federal Housing Administration (FHA) loans through Police Mortgage provide more opportunities for prospective homebuyers by lowering some of the thresholds to qualify for a mortgage. FHA loans require a lower minimum down payment than many conventional loans, and applicants may have a lower credit score than is usually required.

FHA loans are insured by the Federal Housing Administration and offer borrowers with lower credit scores the ability to purchase a home when conventional financing may not be an option. A popular option for first-time homebuyers, FHA loans can ease some of the obstacles associated with securing a mortgage.

Borrowers can qualify with as low as 3.5% down with a credit score of 620. A credit score below 620 would typically disqualify a borrower from conventional mortgage approval. As long as the borrower can demonstrate gainful employment and afford the required down payment, they could be a likely lending candidate for an FHA loan.

Many borrowers may also choose an FHA loan to purchase a multi-unit building and qualify with rental income from the additional units. FHA loans allow borrowers to qualify with the same 3.5% down payment regardless of the number of units in the building. These government insured loans do require borrowers to live in the home, so they cannot be used for secondary residences or investment properties.

FHA Loan Advantages

The option of a low down payment and more lenient credit score requirements can make FHA loans particularly appealing to first-time homebuyers, although you don’t need to be a first-time home buyer in order to qualify. Some of the benefits of FHA loans include:

  • Credit score requirements are lower compared to other loans

  • Lower down payments

  • You may still qualify for an FHA loan if you’ve filed for bankruptcy or have other past financial issues

  • FHA closing costs can sometimes be rolled into your loan

FHA Loan Requirements

Although FHA loan criteria are less rigid than conventional loans, there are several thresholds that prospective borrowers will need to meet:

  • The home you consider must be appraised by an FHA-approved appraiser

  • You can only get a new FHA loan if the home you consider will be your primary residence, which means it can’t be an investment property or second home

  • You must live in the home within 60 days of closing

  • An inspection is required which must prove that the property meets minimum property standards

Killed in the Line of Duty Loan Protection

Police Mortgage FHA Loans qualify for Killed in the Line of Duty Loan Protection, a special debt cancellation benefit created exclusively for active, full-time Law Enforcement Officers.

For First Responders Who Are Second to None!

Contact us to learn if an FHA Loan is right for you.

Vivian Abraham
NMLS #2451439

I have my bachelor’s in business administration and have been involved in the banking industry for over 10 years. During that time, I managed two of the Chicago Patrolmen’s Federal Credit Union branch locations prior to transitioning to Police Mortgage. I have family members who are police officers with the Chicago Police Department. My work has been very rewarding, and I take pride in having assisted countless members and their families with their financial needs and financial wellness. My hobbies include exploring new restaurants in the city and running in marathons that support pediatric cancer foundations and Chicago Police Memorial Foundation’s Run to Remember. I come from a large family primarily from the south side of Chicago and love to share all the diversity and beauty the city has to offer with my two children.

Patrick Doah
Loan Officer
NMLS #2025761

I am honored to grow up in a multi-generational family of Chicago Police Officers. I joined Police Mortgage in the summer of 2020 and love the opportunity to help both first-time buyers and repeat clients alike achieve their dreams of purchasing a home. Having been born and raised in the south suburbs of Chicago, I happily live in the Lakeview neighborhood today. Along with my two younger sisters, I am a graduate of the University of Illinois at Urbana-Champaign and a lifelong Chicago Bears fan. I have a strong passion for food and love exploring the vast array of restaurants throughout our city. Nothing makes me happier than spending a summer afternoon on a golf course with family and friends!

Connor Walsh
Loan Officer
NMLS #2221708

I joined my brother at Police Mortgage as a loan officer in August of 2021 after a 10-year career in sales and marketing. Most recently, I worked as a Senior Account Executive for Ricoh North America, an office electronics company, where my main responsibilities were building new client relationships and maintaining over 400 existing customer accounts. I believe my work experience has transferred over to the mortgage industry well, because I am able to multi-task effectively while working with multiple customers. The skillset I learned in my previous employment allows me to stay organized and to manage my time well for my customers. My number one goal is always to make the loan process as quick and painless as possible for our borrowers. I am excited to further develop the Police Mortgage brand with my brother. It is a unique situation, and I believe working in an office together allows us to help our borrowers even more due to streamlined communication and our ability to help each other with our respective files. I like to spend my free time relaxing, watching sports, exercising, going out to eat with my wife, and trying to keep up with our three daughters – all under five years old!

Dylan Walsh
Loan Officer
NMLS #180970

After graduating from the University of Missouri in 2015, I moved to Chicago where I began a career in marketing at a firm called Ansira. I sought a career change and contacted Police Mortgage, where I was first introduced to the mortgage industry. I have spent the last 5 years training with our CEO, John Aretos, who has taught me all of the intricacies of the mortgage process. I love finding solutions for our clients to help them purchase the home of their dreams. I feel a huge sense of accomplishment when helping homebuyers, especially first-time homebuyers, all the way through the loan process, from pre-approval to closing day. I recently moved back to my hometown of St. Louis, where we opened a new office. I am excited to help start this new chapter for Police Mortgage. My wife, Megan, and I are happy to be back in our hometown. We are always checking out new outdoor events such as music or food festivals – anywhere we can take our dog, Remy!

John Aretos
NMLS #268165

As the CEO of an organization associated with serving the Police and their loved ones, I am privileged to play a role in helping our clients achieve their life’s financial goals. Our mission is to make the home buying or refinancing process as comfortable as possible, providing our clients with competitive products and excellent service.

I was born and raised in the Chicago metropolitan area, and I have a deep-rooted love and appreciation for the diverse culture which makes our city so special. My two older siblings and I grew up working in our parent’s restaurant, which instilled a work ethic and sense of family that I carry with me to this day.

I am a graduate of Indiana University and have been involved in the mortgage industry for nearly 25 years, helping thousands of clients save money or finance the home of their dreams. My passions are passing down my love of food, music, art, snow skiing, and red wine to my three children, who motivate me to be a better person each and every day!