FHA Mortgage Loans

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Federal Housing Administration Loan (FHA)

Best for:
First time homebuyers with less-than-perfect credit.

What it is:
FHA loans are loans insured by the Federal Housing Administration. With a down payment as low as 3.5% and interest rates generally lower than conventional loans with the same terms, this type of loan is perfect for those who may not meet the qualification factors required for a traditional conventional loan program. FHA loans encourage home ownership, by providing affordable housing opportunities with low down payments and flexible credit requirements.

An FHA loan is particularly beneficial to those borrowers with less cash available to them, because of their allowance of gift funds and seller credits in the transaction.

FHA Loan Pros and Cons

3.5% down payment
Easier credit and income qualification
Up to 6% in seller credits allowed
Gift funds available


Required Upfront and monthly mortgage insurance
Mortgage insurance is permanent for life of loan.

Unsure which mortgage program will best fit your needs? contact us and one of our home loan advisors will help find a program that best fits your unique situation.

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