FHA LOAN PROGRAMS

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
• Low 3.5% down payment requirement
• Cannot exceed statutory loan limits.  See below for limits in your area.
• No trade line requirement
• Non-occupant co-borrower ALLOWED
• All needed funds can be a GIFT
• 1-4 units - owner occupied only
• 2-4 units qualify for higher loan limits
• 6% seller contribution toward closing costs & prepaids allowed
• No reserve requirements (3-4 units - 2 months PITI reserves)
• Full documentation only - Must prove income and assets
• No prepayment penalties
• Bankruptcy/Foreclosure - 2 years with good re-established credt
• Manufactured/Mobile Homes minimum double wide
• Cash-out 1-2 units up to 85% LTV

Learn more about FHA loans @ www.hud.gov

Website for Loan Limits
https://entp.hud.gov/idapp/html/hicostlook.cfm
 

Apply Now

Return to Loan Options