FHA Loan
This option is provided by the *Federal Housing Administration.
FHA loans were designed to make homeownership more affordable. This program is very popular with first-time homebuyers who have limited amount of funds for a down payment.
FHA Loan
List of Services
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+ Low down payment options
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+ Flexible income and credit requirements
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+ Fixed- and adjustable-rate mortgages
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+ Loans for 1- to 4-unit properties and condos may be available
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+ Down payment funds can be a gift from a relative or employer**
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+ Home sellers can contribute up to 6% of closing costs
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+ Higher home inspection standards
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+ Higher Debt-To-Income Ratio
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+ The ability to pay a 3.5%-10% down payment