FHA
Why rent when you can own a home without breaking the bank? FHA loans, insured by the Federal Housing Administration, is a government-assisted alternative to conventional home loan financing geared towards the individuals who want to put less money down on a home or who has a lower than desired credit score. While these mortgages do require monthly mortgage insurance, this is an excellent option for many first-time homebuyers.
FHA Loan
- Purchase or Rate/Term Refinance
- Primary residence
- Minimum loan amount $25,000
- Maximum loan amount $541,287
- Up to 30 yr term
- Down payments as low as 3.5% - Max loan-to-value (LTV) of 96.5%
- Minimum credit score of 580