FHA Loan
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
- Credit Score: 580+
- Down Payment: 3.5%+
- Occupancy: Primary Residence Only
- Mortgage Insurance (PMI): Mandatory regardless of the down payment amount. There is also an upfront Mortgage Insurance charge that can be financed with the loan.
- Debt-to-income ratio (DTI): Higher DTI ratios allowed
- Credit History: Allows past credit challenges
Eligible Property Types
- Single-Family Residences (SFR)
- 2–4 Unit Properties
- Condos (FHA-approved)
- Manufactured Homes (FHA-approved)
Additional Features
- Gift funds allowed for down payment and closing costs
- Assumable loan, which can be attractive to future buyers
