Federal Housing Administration (FHA) loans are government insured loans and a great mortgage option, especially for first-time homebuyers. FHA loans are only available for a home you live in as your primary residence.
Features Of FHA Loans:
- FHA mortgages offer competitive interest rates and down-payment as low as 3.5%
- All FHA loans have private mortgage insurance (PMI)
- The down payment can be from personal checking and savings accounts, a gift from a family member or employer, or a down payment assistance program
- FHA allows higher debt to income ratios, sometimes as high as 55% to 58%
- FHA loans work very well with the down payment assistance programs we have available