FHA Loans are geared toward hard-working families in low- to moderate-income brackets. Down payments are lower than conventional mortgages. And you can choose from various terms with fixed or adjustable rates.
a. Allows you to purchase a home when you have limited resources
b. Ideal for first-time homebuyers from low- to moderate-income families
c. Purchase a home using a lower down payment
Down Payment: 3.5% of the final loan amount
Terms: 10, 15, 20, 25, 30 years, fixed and ARM
Credit Score: 500* minimum
Mortgage Insurance: Yes, one-time, up-front and monthly
Maximum Loan Limit: Yes, varies by county
* Under 580 requires 10% down payment
TERMS: 30 AND 15 YEAR, FIXED
Down Payment: None
Credit Score: 640 minimum
Mortgage Insurance: Yes
*Closing costs and fees may still apply.
