FHA loans
What is an FHA loan?
An FHA loan is insured by the Federal Housing Administration (FHA) and issued by an FHA approved lender. Since these loans were designed for low-to-moderate income borrowers, they offer options to borrowers with lower minimum down payments and credit scores. While FHA loans are popular with first-time homebuyers, they are available to anyone who qualifies.
Who qualifies for FHA loans?
- Homebuyers with lower credit scores
- Individuals with low-to moderate-incomes
- Borrowers who would prefer to make a lower down payment
Benefits of an FHA loan:
- More flexible qualification requirements than other home loan types
- Down payments as low as 3.5%
- Credit scores as low as 540
- Financing up to 96.5% of home purchase price
Credit scores under 580 require a minimum of a 10% down payment.
All loans subject to underwriter approval; terms and conditions may apply. Subject to change without notice. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.
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Interested in learning more? Take the first steps with our pre-qualification calculator. |