Federal Housing Administration loans, or FHA loans, can help low and moderate-income buyers secure homeownership. FHA loans accept a lower minimum down payment than some conventional loans and applicants can have lower credit scores than required by other loan options.
- Qualifying credit scores as low as 500 with AUS approval
- Lower down payments
- New purchase mortgages allow for a down payment of 3.5% of the purchase price of the property.
- The FHA provides more affordable mortgage insurance
- Maximum loan amount varies by county
- DTI Max of 57%
- Available for multi-unit homes
FHA loans are mortgages insured by the Federal Housing Administration (FHA). These loans can be issued by any FHA-approved lender in the United States.
An FHA loan works like many other mortgage loans where you borrow an amount of money from a lender and pay it back, typically over 15 to 30 years using fixed-rate mortgages.
These loans are designed to help low to moderate income buyers because they require a lower down payment and lower credit scores to qualify.
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