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FHA Loans

The Federal Housing Administration (FHA) has made homeownership affordable for millions of first-time and move-up buyers. FHA loans are insured by the Department of Housing and Urban Development (HUD) and are available to all buyers. FHA sets the lending guidelines and maximum loan amounts for the program.  These maximum loan amounts vary by county and state.  FHA loans feature low down-payments, lenient qualification guidelines and flexible credit requirements. The FHA loan program is a valued option for homebuyers unable to qualify for conventional loans with large down payments.
 

Benefits of the FHA Program:

  • Down payment options as low as 3.5% of the sales price
  • Lenient qualification guidelines allow for approval of higher loan amounts
  • FHA loans are assumable for qualifying borrowers
  • All of the money needed for closing may come from a gift made by a relative
  • Relative may co-borrow with occupant to help in qualifying
  • Local bond programs may be used to eliminate the need for any down-payment
  • FHA streamline refinance program allows for borrowers to reduce their rate without a new appraisal or verification of income and assets