The Federal Housing Administration (FHA) provides mortgage insurance on loans made by approved FHA lenders.
- Low down payment – as low as 3.5% of the purchase price and most of your closing costs and fees can be included in the loan
- Low Closing Costs
- Less stringent credit qualifying
- You must meet standard FHA credit qualifications
- You are eligible for approximately 96.5% financing. With FHA, you are able to finance the upfront mortgage insurance premium into the mortgage. You will also be responsible for paying an annual premium
- Eligible properties are 1 to 4 unit structures