FHA Loan Program
FHA mortgage programs are available to all buyers. These programs are designed to help creditworthy low-income and moderate-income families who do not meet requirements for conventional loans. FHA loan programs are particularly beneficial to those buyers with less available cash.
FHA Loan Benefits:
- Only requires a 3.5% down payment.
- Debt-to-income ratio as high as 55%
- Ability to use money received as a gift for a down payment and/or settlement costs
- Allows for no cost, no qualifying “streamline” refinance
- Requires up-front & monthly mortgage insurance (MI)
- Flexible qualification guidelines.