FHA Loans
The Federal Housing Administration (FHA) is a division of the U.S. Department of Housing and Urban Development (HUD) which provides FHA Loans. The FHA has been helping average home buyer since 1934. These home loans are federally insured against loss from default.
Loan Features
- Minimum 3.5% down payment
- Lower credit requirements
- Gift funds accepted
- Mortgage insurance is required
- Co-signers allowed
- Often lower interest rates
- Great for first-time homebuyers
- Flexible guidelines and nontraditional credit allowed
Loan Requirements
- Minimum 3.5% down payment
- At least 1 to 2 years of work history
- Subject to area loan limits
- Minimum 580 FICO credit score
