What are the benefits of an FHA-Insured Loan?

FHA-Insured Loans offer the following features:

• Low down payments (as low as 3.5% of the purchase price).

• Fixed-Rate and Adjustable-Rate Mortgages available.

• 100% gift funds acceptable for down payment and closing costs.

• No prepayment penalty.

• Flexible qualification guidelines.

 

Who may benefit from an FHA-Insured Loan?

FHA-Insured Loans may be of particular benefit to buyers who:

• Are buying their first home.

• Don’t have a lot of money to put down.

• Don’t have perfect credit and are worried about qualifying for a loan.

• Want to keep their monthly payments as low as possible and/or are concerned about their monthly payments going up.

• Want to refinance a high-cost mortgage.

• Are looking to finance one- to four-unit structures or approved condominiums.

• FHA loans are assumable. When you sell your place the new owner could opt to use the original loan as part of their financing.