Federal Housing Administration (FHA) LoansFHA loans are popular among first-time home buyers who don’t have a lot saved for a down payment or are facing some credit challenges. This loan program can be used to buy or refinance single-family homes, two- to four-unit multifamily homes, condominiums and certain manufactured and mobile homes that you intend to occupy as your primary residence. Specific types of FHA loans can also be used for new construction or for renovating an existing home. Generally, FHA loans offer borrowers lower down payments, lower closing costs and easier credit qualifications. The FHA program may be a good option for you to consider if your needs and situation excludes you from qualifying for a conventional loan.
Program Details• FICO® score at least 640 = 3.5% down payment • Mortgage Insurance is required • Debt-to-Income Ratio < 43% • The home must be the primary residence • Must have steady income and proof of employment
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