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FHA LOANS

Explore the Advantages of FHA Loans: A Guide to Federal Housing Administration Financing

Down Payment

3.5 %

Minimum

Minimum Credit Score

560

Call for exceptions

Maximum Loan Amount

$ 472,030

For most single family homes

Seller Contributions

6 %

Minimum % of price

DTI MAX

55 %

Call for eligibly
specification

Loan Options

An attractive aspect of an FHA Loan is that they are government backed. This makes it easier to qualify, especially if your credit score is not so great and/or you are in lower income brackets. Call us to find if this loan is for you! Features of FHA Loan:
  • First Time Home Buyer
  • Min 3.5% down payment, money can be gifted.
  • Lower mortgage Insurance in most case in comparison with Conventional loan
  • Potentially Lower interest rates than for Conventional Loans
  • An upfront premium of 1.75 % of the loan amount, paid at closing.
  • Higher DTI than in Conventional which means you might qualify for higher loan amount
  • No Pre Penalty – if you decide to pay your loan sooner, you can do it with no penalty
  • You can add closing costs to your loan amount and get your foot in the door with little money.
FHA loans might sound great, but it is not for everyone. That is why you need to discuss with your trusted mortgage broker about which option fits you the best.