Federal Housing Administration
Are you self-employed, a first-time home buyer, or a borrower with non-traditional credit? An FHA loan may be perfect for you. FHA loans have no income limits, no geographic restrictions, and have liberal qualification requirements. Typically, FHA also offers a lower down payment, lower monthly insurance premiums, and lower closing costs.
If you are looking for a lower down payment option, check out our RD or VA Loans which require no down payment.
- Lower credit scores allowed
- Down payment can be a gift from acceptable sources
- 3.5% down payment plus closing costs and prepaids
- Allows seller contributions towards buyer closing costs and prepaids
