FHA Home Loans

An FHA home loan is a mortgage issued by federally qualified lenders and insured by the Federal Housing Administration (FHA). FHA loans were originally designed for low to moderate income borrowers who were unable to make a large down payment. FHA loans allow the borrower to borrow up to 96.5% of the value of the home. The 3.5% down payment requirement can come from a gift or a grant, which makes FHA loans popular with first-time buyers.

FHAHome Loan Features & Benefits

·        Upfront and Monthly Mortgage Insurance requirement

·        3.5% down payment

·        Lower credit scores accepted

·        Minimum reserves

·        100% of the down payment can come from a gift

·        No income qualifications available (for Streamline Refinances only)