The FHA Home Loan
The FHA home loan requires 3.5% down. They are one of the most popular types of mortgages among home buyers these days, particularly first-time buyers. This is one of the government-backed programs. One of the highlights of this program is, the down payment can be a gift from a family member.
An FHA loan will allow you to borrow up to 96.5% of the value of your home in 2018, if you have a credit score of 580 or higher. If your credit score is lower than a 580 you will need to be prepared to put 10% down.
What is the FHA Home Loan?
Investopedia defines the FHA Home Loan as follows:
What is an ‘FHA Loan’?
“An FHA loan is a mortgage issued by federally qualified lenders and insured by the Federal Housing Administration (FHA). FHA loans are designed for low-to-moderate income borrowers who are unable to make a large down payment.”
We also offer these other home loans that may be a better fit for you
CONVENTIONAL
Get a Conventional Home Loan with as little as 3% down.
FHA LOANS
Popular for first-time buyers and requires 3.5% down.
USDA LOANS
0% down for low to moderate income borrowers in rural areas.
VA LOANS
Strictly for veterans. You can get into a home with 0% down!
Home Loans & Mortgage Lending at Some of the Lowest Possible Rates
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