FHA loans have been helping people become homeowners since 1934.
Some benefits of FHA loans are:
- Minimum down payment as low as 3.5% for qualified borrowers.
- FHA loans may offer more flexible credit guidelines compared to some conventional loan programs, subject to eligibility requirements.
- FHA loans may offer competitive interest rates for qualified borrowers, subject to program guidelines.
- FHA allows the borrower to get the funds necessary to close from several sources. Including personal savings, gifts, grants, loans from retirement accounts, and seller contributions.
What does FHA have for you?
Buying your first home?
FHA might be just what you need. Your down payment can be as low as 3.5% of the purchase price, and all of the closing costs can be gifted or paid by the seller in certain circumstances.
Want a fixer-upper?
FHA has a loan that allows you to buy a home, fix it up, and include all the costs in one loan. Or, if you own a home that you want to re-model or repair, you can refinance what you owe and add the cost of repairs - all in one loan.
Financial help for seniors
Are you 62 or older? Do you live in your home? Do you own it outright or have a low loan balance? If you can answer "yes" to all of these questions, then the FHA Reverse Mortgage might be right for you. It lets you convert a portion of your equity into cash.
Want to make your home more energy efficient?
You can include the costs of energy improvements into an FHA Energy-Efficient Mortgage.
How about manufactured housing and mobile homes?
Yes, FHA has financing for mobile homes and factory-built housing. There are two loan products – one for those who own the land that the home is on and another for mobile homes that are - or will be - located in mobile home parks.
FHA loans have been helping people become homeowners since 1934.
The Federal Housing Administration (FHA) - which is part of HUD - insures the loan.
FHA allows a buyer to purchase a home with as little as 3.5% down. They tend to be more lenient on areas such as credit, funds to close and co-borrowers.
FHA allows the borrower to get the funds necessary to close from several sources. They include such areas as personal savings, gifts, grants, loans from retirement accounts and seller contributions.