FHA loans are government insured loans backed by the Department of Housing & Urban Development (HUD). This type of loan is very popular among first time homebuyers due to the low minimum down payment of 3.5% of the purchase price, and more flexible credit & underwriting standards.
FHA Loan Requirements:
Minimum down payment of 3.5 percent. The money can be gifted by a family member or employer.
Co-applicants may help you qualify, even if they will not be living in the home.
This loan is only available for primary residency.
The loan cannot exceed the maximum limit set by FHA on a county-by-county basis.
Learn more about FHA loan requirements and rates by talking with a Loan Officer today!
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