A great choice for first time homebuyers and individuals with less than excellent credit, this federally backed loan is offered at competitive rates with fixed terms available. Down payment assistance may also be available.
An FHA Loan may be a great solution for you if:
You’re a first-time or repeat homebuyer; or
You have a lower credit score; or
You want a low down payment; or
You want to refinance a high-cost mortgage.
FHA Loan benefits and features:
Low down payment: Minimum is 3.5% of the purchase price. Mortgage insurance is required.
Lower credit scores: Minimum is 580. Scores below 580 may still qualify, but the minimum down payment would be at least 10%. Restrictions apply.
100% gift funds are acceptable for down payment and closing costs.
Fixed-rate and adjustable-rate mortgages (ARM) available.
Flexible qualification guidelines.
Other requirements and conditions apply.
See sample scenarios HERE.