Ready to buy your first home? Working with limited income or money for a down payment? A government-insured Federal Housing Administration (FHA) home loan could be the right solution for you. FHA loans have been helping people buy homes since 1934. For borrowers with a credit score of 580 or higher, FHA allows a down payment of just 3.5% of the total cost of the home.
What are the Benefits of an FHA Loan?
FHA home loan programs typically help first-time homebuyers, clients with past credit challenges, seniors, or others with limits on what they can afford. FHA home loans offer:
Lower down payment options (As low as 3.5%)
Friendlier debt ratios
Less challenging credit requirements
Down payment may be able to be a gift from a family member