FHA Loans

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Don’t let finances get in the way of living your dream.

The Federal Housing Administration (FHA) insures mortgages with special features like low down payment requirements and lenient qualifying terms. Even if you have a low credit score, you may qualify to buy or refinance with these loans. Maximum loan amounts may apply based on region, but there are no maximum income limits.

Perfect for you if:

You have a low credit score.
You think you can’t afford the home you want.
You don’t have a lot saved for a down payment.

Loan Features

Available in a variety of fixed-rate and adjustable-rate loan options.
May allow you to use a gift or grant for all or a portion of the down payment or closing costs.
You typically have to pay upfront and monthly FHA mortgage insurance premiums.

Loan Benefits

Requires less cash upfront for your down payment and closing costs.
Available for all income levels.
Allows a new buyer to take over the loan if you sell your home (subject to loan approval).
Allows a co-applicant to help you qualify even if the person doesn’t live in the home.

Considerations

FHA loans have the benefit of a low down payment but there are other loan products with the same options.
Be certain to ask your Loan Officer to help you compare the overall costs of all products, including the monthly and long-term costs and conditions of the required mortgage insurance.
You can typically only have one FHA mortgage at a time.
In many instances, you may find FHA to be a more expensive financing option and should be considered after thoroughly evaluating all other product options that meet your credit qualifying and financial needs.

Terms

Home seller can contribute up to 6% of sales price to help with closing costs and prepaid items for the new homebuyer.
Down payment may be provided as a gift by a relative or employer.
Up-front mortgage insurance can be financed into the mortgage loan.
May be assumed by a qualified purchaser if home is resold.
No penalty for prepaying your loan.