FHA loans have been helping people become homeowners since 1934. The Federal Housing Administration (FHA) – which is part of HUD – insures these loans, so your lender can offer you a better deal. FHA allows a buyer to purchase a home with as little as 3.5% down!
FHA loans offer:
What does FHA have for you?
FHA might be just what you need. Your down payment can be as low as 3.5% of the purchase price, and most of your closing costs and fees can be contributed by the seller or covered by a gift. Qualify with a credit score as low as 550! Available on 1-4 unit properties.
FHA has a loan that allows you to buy a home, fix it up, and include all the costs in one loan. Or, if you own a home that you want to re-model or repair, you can refinance what you owe and add the cost of repairs – all in one loan.
Are you 62 or older? Do you want to live in a new home free of monthly mortgage payments? If you can answer “yes” to both of these questions, then the FHA Reverse Purchase Mortgage might be right for you. It lets you purchase your new home with a cash down payment and the rest as part of a reverse mortgage.
You can include the costs of energy improvements into an FHA Energy-Efficient Mortgage.
Yes, FHA has financing for mobile homes and factory-built housing for those who own the land that the home is on.