FHA Loans
FHA
FHA loans originated in 1934 and are insured by the Federal Housing Administration. These loans allow an individual to borrow money towards purchasing a new home or refinancing an existing home.
- 30-year, 25-year, 20-year, 15-year, and 10-year terms available
- Adjustable rate mortgages allowed
- Minimum down payment: 3.5%
- Single family and 2-4 units acceptable
- Primary residence only
- Grants and gifts permitted from suitable sourcesd
- Non-occupant co-borrower can be used for qualifying
- Flexible or no credit scores
- 2 years post-bankruptcy
- 3 years post-foreclosure
- Government sponsored down payment assistance
- Common sense underwriting
- Seller concessions up to 6%
- 203K Rehab loans
- Loans can be assumable
- Maximum loan amounts are restricted by geographical area
- Reduced monthly mortgage insurance
- Purchase or refinance