Federal Housing Administration Loans

A Federal Housing Administration (FHA) loan is a government-backed mortgage with more flexible lending requirements than those for conventional loans. FHA loans have historically allowed buyers to borrow money for the purchase of a home that they may not otherwise be able to afford.

96.5% loan-to-value

3.5% down payment required (may be gift funds)

Up-front Mortgage Insurance Premium can be financed into the loan or paid at closing

Owner occupied, one unit, primary residence (condos must be FHA approved)

Seller can contribute up to 6% financing concession

Minimum credit score of 640

Minimum loan amount of $50,000 if credit score is below 660

Non-occupant co-borrowers allowed

No income limitations

Maximum loan amounts based on county as set by FHA

Free pre-qualification