FHA Loans
Low rates and attractive terms make FHA loans a great option for home financing. First-time homebuyers will find credit requirements much less strict than other loan programs — you can even use gift funds to pay 100% of the cash needed to close.
- 3.5% down payment
- No income limits or restrictions
- No first-time buyer requirement
- Cash reserves not required except for 3 and 4 unit properties
- Seller can contribute up to 6% of the purchase price toward closing costs
- Gifted funds to 100% of closing costs
- Debt to income ratios up to 55% with AUS approval
- Lenience on derogatory credit - allows credit scores down to 580
- Non-occupant borrowers allowed
- FHA loans are assumable
- Purchase or Refinance options
Video: Low Down Payment Options for Home Loans
