FHA Loan Programs
The FHA Loan is the type of mortgage most used by first-time homebuyers.
Past bankruptcies and foreclosures can make getting a mortgage more challenging. With FHA, you do not have to wait as long to get a mortgage after you have had a major negative credit event.
FHA requires 3.5% down payment on all purchase transactions
You may qualify with more debt than a conventional loan
More affordable mortgage insurance
Non-occupant Co-borrowers Are OK
Low interest rates
To qualify for an FHA loan, you need a 3.5% down payment, 580 credit score, and 43% DTI ratio. An FHA loan is easier to get than a conventional mortgage. The FHA offers several types of home loans, including loans for home improvements