Making Homeownership More Accessible

Buying a home looks different for everyone, which is why we offer a wide array of home loan solutions. FHA loans are great financing options for first-time and move-up homebuyers! If you’re interested in owning a home but are lacking pristine credit, a large down payment, or are unable to cover closing costs, an FHA loan may be right for you!

What is an FHA Mortgage?

As they are insured by the Federal Housing Administration, lenders are protected against defaults on payments. They were developed to provide homebuyers with an alternative to conventional loans, with more flexible lending guidelines and lower down payment options. In addition, seller concessions are allowed for up to 6% of the home’s purchase price for closing costs and pre-paid costs.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      

Key Features and Highlights of the FHA mortgage program:

• Low 3.5% down payment
• Gift funds may be used for down payment, closing costs, and prepaid expenses
• No first-time homebuyer restrictions
• Seller concessions – sellers may give up to 6% of the home’s purchase price to pay for closing and other pre-paid costs for the buyer
• Liberal qualifying ratios
• Loan limits are dependent on geographic location
• Available for Purchase, Refinance, and Renovation
• Available for single family primary residences, condos, multi-unit properties, and manufactured homes