The FHA Loan is designed for first-time home buyers and borrowers with limited funds for their down payment. An FHA mortgage is a government-backed loan with more flexible lending requirements than those of conventional loans. Fixed and adjustable rate options are available.
FHA loans are insured by the Federal Housing Administration (FHA) and have qualification requirements.
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Fixed and adjustable interest rates available. Learn about the differences here.
Competitive rates and flexible terms
Low down payment
Cash out options available
Choose to purchase or refinance
What You Need to Know
Benefits of an FHA loan
An FHA mortgage is a good option for homebuyers with less-than-stellar credit or limited cash for a down payment. You may qualify for an FHA mortgage with a down payment as low as 3.5%, even if you don't have a long credit history or outstanding credit. Gift money may be allowed for use as your down payment.
Reduced paperwork available for eligible borrowers qualifying for an FHA Streamlined refinance.
FHA Requirements and Qualifications
- Down Payment - FHA loans require a minimum down payment of 3.5%.
- MIP - FHA loans require Mortgage Insurance Premium
- Loan Amount - Maximum loan amounts vary by state and county. Call a banker at 855-376-3168 for details in your area.
- Property Condition - FHA loans require homes must meet certain conditions and be appraised by an FHA-approved appraiser.
- Property Ownership - New FHA loans are available only for homes that will be used as a borrower's primary residence.