With a low 3.5% down payment requirement, FHA loans are a great option for affordable financing.  Average home prices are now well within FHA loan limits, making this Government-insured program a popular choice in today’s market.

• The borrower must meet standard FHA credit qualifications (620 FICO or better) 
• FHA loans are subject to mortgage insurance. The borrower is able to finance the upfront mortgage insurance premium into the mortgage. The borrower will also be responsible for paying an annual premium.
• Eligible properties are one-to-four unit structures. The property must meet minimum property standards set forth by HUD.
• FHA mortgage loans are issued by federally qualified lenders and insured by the U.S. Federal Housing Authority, a division of the U.S. Department of Housing and Urban Development.
• FHA loans are an attractive option, especially for first-time homeowners as they are generally easier to qualify for than a traditional Conventional Loan Program. 

Learn more about FHA loans. (Department of Housing and Urban Development)

 

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