FHA

Written By Austin Belisle

Eligibility

  • A credit score of above 580 for most lenders

  • 3.5% down payment

  • Fixed Rate and Adjustable Rate loans permitted

Benefits

  • Low interest rates

  • Down payment options as little as 3.5%

  • Fast close – 14 to 21 days from contract to keys

  • Can use gift funds for down payment & closing costs

What is a FHA Loan?

A Federal Housing Administration (FHA) loan is a home mortgage that is insured by the government and issued by a bank or other lender that is approved by the agency. FHA loans require a lower minimum down payment than many conventional loans, and applicants may have lower credit scores than is usually required.

The FHA loan is designed to help low- to moderate-income families attain homeownership. They are particularly popular with first-time homebuyers.

 
Austin Belisle
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