FHA Loan

Backed by the Federal Housing Administration (FHA), these loans are designed for low to moderate income borrowers who are unable to make a large down payment. An FHA loan is an attractive alternative to borrowers because credit and income requirements are less strict than traditional loans.

Highlights

  • 3.5% down payment
  • Mortgage insurance required
  • $271,050 maximum loan amount
  • Single-family and 1–4 unit properties qualify
  • 6% limit on seller concessions
  • No financial reserves required for 1 unit properties
  • Not limited to first time home buyers
  • Down payment can be gifted
  • Home being purchased must be appraised by FHA-approved appraiser and meet certain conditions

« Back