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What is a FHA Loan?
The Federal Housing Administration (FHA) is a branch of the Department of Housing & Urban Development (HUD). Their primary responsibility is to administer the government home loan insurance
program. This program helps the home buyer qualify with mortgage insurance, which removes some of the risk from lender.
Qualifying for a FHA Loan is attainable as down payment requirements are traditionally lower & criteria is not as strict as other loans.
What are the main advantages of a FHA loan?
- Down payment options as low as 3.5% of the purchase price.
- No income level restrictions.
- Available to First Time & Seasonal Home Buyers.
- Gift Funds may be allowed for all or a portion of the down payment & closing costs.
- Allows a co-applicant to help you qualify.
- A new buyer can take over the loan if the home is sold (subject to loan approval).