FHA loans are backed by the Federal Housing Authority. FHA has been insuring mortgages since 1934 to help families and individuals become homeowners. It continues to be a popular homebuyer choice.
Low down payment of 3.5%.
Variety of loan terms.
Requires upfront and monthly mortgage insurance.
Flexible income, debt and credit requirements.
Down payment and closing costs may come from a gift.
Fixed rate and adjustable rate loan options are available.
Seller contributions for closing costs are acceptable up to 6%
Requires less cash up front for your closing costs and down payment.
All income levels qualify.
Mortgage limits vary by county.
Loans are assumable when it’s time to sell your home.
A non-occupant co-borrower can assist you in qualifying for the loan.
