FHA Loans
FHA loans are mortgages issued through the Federal Housing Administration (FHA) to help people who have imperfect credit scores or who do not want to provide a large down payment. Only available for primary residence.
Primary Benefits
Great for first time home buyers
Allows credit scores as low as 580.
Down payments as low as 3.5%
FHA LOAN REQUIREMENTS
- A 580 minimum credit score is needed for consideration.
- A minimum down payment of 3.5% is required.
- Mortgage loan limits are 115% of your area’s median home price
- An appraisal by a HUD-approved appraiser is required.
- Mortgage insurance is required.
- Property must be your primary residence.
An FHA loan may be right for you. However, not everyone qualifies so please read the FHA loan requirements above. If you have any questions, give us a call or open a chat to see if you qualify today!