FHA Home Loan
An FHA Home Loan may get you into a home with a low down payment. An FHA loan provides a government-insured loan with flexible loan options.
One of the biggest advantages of an FHA loan is the low down payment requirement. With an FHA loan, you may be able to purchase a home with as little as 3.5% down. This makes homeownership more accessible, especially for first-time buyers.
Key Benefits of FHA Loans
Low Down Payment
Purchase a home with as little as 3.5% down, making homeownership more affordable and accessible.
Flexible Credit
FHA loans are more forgiving of credit challenges, with minimum credit score requirements as low as 580.
Government Backed
FHA loans are insured by the Federal Housing Administration, providing security for lenders and better terms for borrowers.
Higher Debt Ratios
FHA loans allow for higher debt-to-income ratios, making it easier to qualify even with existing financial obligations.
Who Should Consider an FHA Loan?
- First-time homebuyers who have limited savings for a down payment
- Borrowers with less-than-perfect credit scores
- Buyers who need more flexible qualification requirements
- Those looking to purchase a home at an affordable monthly payment
FHA loans require mortgage insurance premiums (MIP), both upfront and monthly. Your loan officer can help you understand the total cost and determine if an FHA loan is right for you.