Federal Housing Administration (FHA) loans

The Federal Housing Administration (FHA) offers FHA-backed loans that are designed to help increase home ownership by low- and moderate-income families and first-time homebuyers. Because the FHA insures the loan, lenders can offer greater flexibility in lending guidelines.

Available for single- and multi-family homes, FHA loan financing options include traditional fixed-rate products and adjustable rate mortgages. Important benefits of FHA-insured loans include:

  • Low down payment
  • Minimal closing costs
  • More flexible credit-qualifying guidelines
  • No income limits
  • Available for owner-occupied homes only, no investment properties or second homes
  • Properties must meet HUD guidelines and be inspected by HUD-approved appraisers
  • Non-occupant co-borrowers allowed
  • No reserve requirements at closing
  • 100% of down payment and closing costs may be a "gift"
  • Seller may contribute closing costs

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