table setting on grass - rustic but elegant - FHA Loans

Typical Loan Features – FHA  Loans

  • Low down and closing costs
  • Typically lower monthly payments, can be comparable to rent
  • Lower credit requirements
  • Mortgage insurance is required
  • Co-signers allowed
  • Often lower interest rates
  • Great for first-time homebuyers
  • Flexible guidelines and nontraditional credit allowed
  • Gift funds for down payment allowed
  • Maximum 96.5% financing available

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 Requirements

  • Minimum 3.5% down payment
  • At least 1 to 2 years of work history
  • Moderate income to qualify
  • Minimum 580 FICO credit score and higher is better