First time home buyer benefits and support for borrowers working to boost their credit profile.
What are FHA Home Loans?
FHA (Federal Housing Administration) backed loans are ideal for first-time home buyers and those low-to-moderate-income borrowers. Loans are insured by the FHA. Down payments may be as little as 3.5% and 100% of the down payment funds can be from a gift. There are also several other options for the source of funds needed for closing. The seller can contribute up to 6% towards closing costs, prepaid cost and points. No cash reserves are required for loan approval. FHA loans can be fixed or adjustable rate. (See Conventional Loan Programs)
Contact A Mortgage Banker
Check with our mortgage bankers for the FHA loan limits in your area. Our experts can give you the exact loan limit details that apply to your location.
Home Loan Experts
