First-time homebuyers can benefit from an FHA loan. FHA makes purchasing a home much easier by allowing a lower down payment as well as providing more lenient underwriting guidelines.
30 year fixed15 year fixed
Only a 3.5% down payment is required
Gift funds from a family member or an approved non-profit agency are an acceptable source of down payment and closing costs
Less stringent underwriting criteria
Lower monthly mortgage insurance premiums
Rates may be lower then Conventional loan
Cash out up to 95% of the value of your home
Can get up to 6% concession form the seller towards buyer's closing costs
Streamline refinancing option available on FHA to FHA loans (no appraisal, credit, income or asset verification is required)
Maximum loan amounts vary by state and county
1.75% FHA Funding Fee
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