FHA Home Loans
FHA* mortgage loans are an attractive solution for a home purchase or refinance due to historic low FHA mortgage interest rates, low down payments, and a less than perfect credit rating.What is an FHA Mortgage Loan?
FHA stand for “Federal Housing Authority”, a governmental agency established in 1934 to improve housing standards and promote home ownership. The FHA insures your loan which makes this type of loan more attractive to your lender, and, in turn, your lender may offer you better terms.About FHA Loans*:
- 3.5% minimum down payment
- 1-4 unit residential properties
- Higher debt to income ratios may be allowed (29/41 DTI ratios; may exceed under certain circumstances)
- Co-signers approved and do not have to occupy the property
- Credit score of 640
- 640+ credit score written in house
There are several FHA loan options.