FHA

FHA Mortgages

FHA loans serve as a supportive financial tool intended to assist creditworthy individuals and families with lower to moderate incomes in achieving homeownership. These loans prove particularly advantageous for borrowers aiming to make a minimal down payment on their new home. The program also offers a heightened level of flexibility when it comes to qualifying criteria for borrowers.

Key benefits of FHA loans encompass:

Minimal down payment requirement (as low as 3.5%)

Possibility of utilizing qualified Down Payment Assistance programs or receiving genuine gift funds for the down payment

Permissible contributions from the seller

Enhanced flexibility in underwriting and approval processes

Limitations on allowable closing costs charged by lenders

Transferability of FHA loans to other eligible buyers

Streamlined FHA refinancing with reduced documentation demands for approval

Potential inclusion of some closing costs within the loan amount, reducing out-of-pocket expenses

Eligibility for Energy Efficiency credits in select FHA loan variants

Allotment of funds within the loan for repairs or upgrades in certain FHA loan categories

FHA loans are safeguarded by a government-backed loan insurance program, rendering them more appealing to lenders and other institutions

The loan amount, often dictating affordable home prices, is established by the US Government. For more details about FHA loans, don't hesitate to reach out to us.

The Federal Housing Administration (FHA) operates under the umbrella of the Department of Housing and Urban Development (HUD).