FHA Loans

• Low down payment required – only 3.5%
• Both fixed rate and adjustable rate mortgages are available
• Government-insured and backed by the FHA
• Entire down payment can be gift or grant money
• Lower credit scores are acceptable
• No income limits on borrowers
• More generous debt ratios
• Loan terms are flexible
• Must be primary residence
• Can have seller contribution to purchase price
• Appropriate for first-time homebuyers and anyone requiring a smaller down payment
• Appropriate for borrowers who need more flexible guidelines
• Appropriate for borrowers with less than perfect credit ratings