FHA Loans are a great option for smaller down payments!
The government first began offering FHA (Federal Housing Administration) Loans in the 1930s and are designed to be affordable and accessible to a large number of qualified people.
Benefits of FHA Loans
The Federation Housing Administration steps in to insure your mortgage which makes it easier for individuals, who would not meet traditional home loan requirements, to qualify for financing.
FHA loans work for qualifying people at all income levels, offering you:
- Options for a low or no down payment
- Flexible requirements for credit
- Lower closing costs
Down Payments for FHA Loans
Borrowers may secure an FHA loan with a 3.5% down payment in some cases. Keep in mind that this financing option requires you to pay a mortgage insurance premium.
However, you can finance this premium with a loan.
We can also offer down payment assistance allowing you to purchase a home using an FHA loan with no down payment!
Nothing Down, 100% FHA Financing Option!
In certain circumstances, you may be eligible for a zero-down FHA loan option. This can apply to first-time buyers, and also non-occupying co-borrowers are allowed on the loan if necessary.
Time Frame to Pay Back an FHA Loan
We can offer flexible terms anywhere from 9-30 years.
We can help you explore whether an FHA loan is the right option for you!