Federal Housing Administration (FHA) loans are government-backed mortgages designed to make homeownership more accessible. With lower down payment requirements and flexible credit standards, FHA loans are a popular choice for first-time homebuyers and those with less-than-perfect credit. These loans typically come with both upfront and annual mortgage insurance premiums, ensuring lenders are protected against potential losses.
- Low Down Payment: 3.5% minimum - Flexible Credit Requirements - Competitive Interest Rates - Mortgage Insurance: Both upfront and annual premiums required - Assumable Loans: Can be taken over by future buyers - Loan Limits: Vary by county and property size - Property Types: Single-family, multifamily, manufactured homes, and condos.
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FHA Loans
Federal Housing Administration (FHA) loans are government-backed mortgages designed to make homeownership more accessible. With lower down payment requirements and flexible credit standards, FHA loans are a popular choice for first-time homebuyers and those with less-than-perfect credit. These loans typically come with both upfront and annual mortgage insurance premiums, ensuring lenders are protected against potential losses.
Key Features:
- Low Down Payment: 3.5% minimum - Flexible Credit Requirements - Competitive Interest Rates - Mortgage Insurance: Both upfront and annual premiums required - Assumable Loans: Can be taken over by future buyers - Loan Limits: Vary by county and property size - Property Types: Single-family, multifamily, manufactured homes, and condos.