FHA Mortgage

Worried about not qualifying for a mortgage loan?
Concerned about not having enough of a down payment for a new home?

FHA Mortgages offer:

• Low down payments - Minimal cash is needed up front
• Easy qualifying terms - The FHA Home Loan uses relaxed underwriting criteria to evaluate debt and income. These flexible credit guidelines may enable more applicants to qualify for financing.
• Authorization to get help with costs - FHA guidelines allow homebuyers to receive some or all of their down payment and loan fees from relatives.

Best for:

• Homebuyers who have limited savings and/or moderate incomes
• First-time homebuyers who are concerned about not having enough funds for down payment and closing costs on a new home

FHA Mortgages help low-to-moderate-income homebuyers purchase homes with low down payments (approximately 3%) and flexible qualifying guidelines. These loans are insured by the Federal Housing Administration (FHA), which sets loan limits that vary by area. With an FHA mortgage, you can use a gift or unsecured loan for down payment and closing costs. FHA mortgages are available in fixed-rate and adjustable-rate mortgage options. Also, these loans are usually assumable (along with the current interest rate) by the next owner when you sell your home. This is seen as a strong benefit in certain rate environments.