FHA Loans
FHA loans are insured by the Federal Housing Administration and provide financing for borrowers with lower down payments while offering competitive interest rates.
FHA Loan Requirements
Borrower:
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First-time homebuyer not required
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No income limits
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620 minimum credit score
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Borrower must have proof of employment and steady income
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Must be in the U.S. legally (documentation of legal status is required)
Home:
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Must be the borrower's primary residence
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Purchase or refinance
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Appraisal must meet specific safety and condition standards
Loan:
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15 or 30-year fixed rate terms available
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MIP (Mortgage Insurance Premium) is required
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UFMIP (Upfront Mortgage Insurance Premium) will apply
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3.5% down payment plus closing costs required
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Up to 6% seller assist
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Rate based on qualifications at time of loan application