FHA loans are government-insured mortgages designed to help buyers qualify with lower credit scores and smaller down payments, making homeownership more accessible.
Program Highlights
– Down payment as low as 3.5%
– Minimum Credit Score: 580 (lower scores may require higher down payment)
– Primary Residence Only
– Higher debt-to-income ratios allowed compared to conventional loans
– Flexible credit guidelines, including limited or past credit challenges
Eligible Property Types
– Single-Family Residences (SFR)
– 2–4 Unit Properties
– Condos (FHA-approved)
– Manufactured Homes (FHA-approved)
Additional Features
– Mortgage Insurance required (upfront and monthly)
– Gift funds allowed for down payment and closing costs
– Assumable loan, which can be attractive to future buyers