FHA Loans

If you are interested in a government-insured mortgage with as little as three and a half percent down, you may be looking for an FHA loan.

An FHA loan is a mortgage loan insured by the Federal Housing Administration.  Like conventional mortgages, FHA loans are available as fixed-rate or adjustable-rate mortgages.  These loans provide a number of benefits to home buyers:

• down payments as low as 3.5 percent, which can be paid using familial gifts or community seconds
• the seller can provide up to six percent of the sales price for closing cost assistance
• no prepayment penalties
• less stringent credit score requirements than conventional loans

To be eligible for an FHA loan, you must intend to occupy the home as your primary residence.  FHA insured loans, like conventional, analyze an applicant's employment history, credit history, and proposed debt load, among other things.  Contact one of our mortgage consultants to see if you qualify for an FHA mortgage.