Don’t let a low down payment, lack of credit history, or inability to cover closing costs keep you from buying a home. With an FHA loan, you still may qualify. That’s because FHA loans were developed to promote home ownership by providing an alternative to conventional financing, which has stricter qualification requirements.
FHA Loan Benefits:
- Down payment as low as 3.5 percent. Down payment can also be a gift from parents or relatives.
- Looser credit qualifications than conventional loans.
- Lower closing costs.
- Private mortgage insurance (PMI) can be paid in cash or financed as part of the loan.
- Choose from fixed or adjustable interest rate.
- No prepayment penalties.
For more information about FHA loans, including complete eligibility requirements, contact us today.