FEDERAL HOUSING ADMINISTRATION LOAN
If you want to buy a home but don’t have great credit, a big down payment, or not enough cash to cover closing costs, an FHA loan may be the best option for you.
FIND OUT MORE ABOUT THIS PROGRAM AND ELIGIBILITY REQUIREMENTS FROM US
Low 3.5% down payment
100% gift funds – the entire 3.5% down payment can be a gift from parents, relatives or an employer.
FHA allows seller to give up to 6% of the home’s purchase price to an FHA buyer to pay for closing costs and pre-paid costs.
Flexible credit qualifying – because it is government-backed, it’s possible to qualify for an FHA loan with a lower credit score than on conventional loan programs
Upfront mortgage insurance may be financed or paid in cash.
May also be an option for borrowers with limited equity looking to refinance.
Ability to choose from a fixed-rate or adjustable rate