What is FHA Loans?
An FHA loan is a government-backed mortgage insured by the Federal Housing Administration, making it a popular choice, especially for first-time homebuyers and those with diverse credit histories, due to its flexible qualifying criteria and lower down payment options; these government-insured loans also often feature less strict credit requirements and potentially lower interest rates, simplifying the path to homeownership or refinancing, and assistance is readily available for planning and pre-approval.
Benefits:
- Better credit can unlock lower interest rates.
- Make mortgage payments freely, without prepayment fees.
- Potentially easier appraisal and property standards.
- Quicker loan processing times.
- Multiple loan term options available.
Requirements:
- Receive your entire down payment as a gift.
- Minimum credit score requirements can be as low as 580.
- Manageable debt-to-income ratios are accepted, up to 50%.
- Family co-signers can help you meet qualification standards.
- Maximum loan amounts are determined by the county where the property is located*.
*To learn more about the your county’s FHA loan limits, please visit: U.S. Department of Housing and Urban Development
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