Low Down Payments and Flexible Credit Qualification
FHA loans are backed by the Federal Housing Administration (FHA), and are designed to help creditworthy low-income and moderate-income families achieve homeownership.
FHA loan programs are particularly beneficial to buyers with less available cash for closing or down payment. The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans. All FHA loans require an upfront mortgage insurance premium along with a monthly mortgage insurance premium.
Benefits of FHA Home Loans
The benefits of FHA home loan programs include:
As little as 3.5% down payment
Use gift or grant funds for down payment
Upfront mortgage insurance premium can be financed
Lower ongoing monthly mortgage insurance premiums than other loan types
More flexible underwriting criteria than conventional loans
Mortgage can be taken over (or “assumed”) by qualified buyers when the home is sold
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