- FHA Loan:
This program as discussed in the description is perfect for home buyers who have a smaller down payment (currently only requires 3.5% of the sales price) or refinance clients who may have lost some equity in the latest real estate meltdown. They have lighter credit score requirements (as low as 580 in some cases), and does allow for the down payment/funds to close to be from a gift. This loan is perfect for college students that desire owning their place too, as parents can co-sign for the loan and get in with just the 3.5% down and very attractive rates. There are a variety of loan products to choose from such as:
30 yr fixed
15 yr fixed
FHA county limits
FHA mortgage loans are issued by federally qualified lenders and insured by the U.S. Federal Housing Authority, a division of the U.S. Department of Housing and Urban Development.
FHA loans are an attractive option, especially for first-time homeowners:
- Generally easier to qualify for than conventional loans.
- Lower down payment requirements.
- Cannot exceed statutory loan limits.