<p>Loans that are incurred by Federal Housing Administration (FHA) and issued by an FHA approved lender. The FHA loans have low down payment, and interest rates. FHA loan requires an upfront mortgage insurance, which is usually added on top of the loan amount and a monthly mortgage insurance to be added to your monthly payment. You can use this product for purchases and refinances.</p>
<p>Buy with as little as 3.5% down and with a score as low as 580. Additionally, the seller can pay all your closing costs. Great for first time buyers who pay be less income or some issues with their credit.</p>
<ul>
<li>Down Payment: 3.5% or more down payment is typically required. Family gift money is allowed for down payment.</li>
<li>Credit Scores: Ideal for borrows with credit scores greater than 580 (Lower credit scores in a range of 550 to 579 can be accepted with pricing adjustments and tighter underwriting criteria and a 10% down.)</li>
<li>Loan Limits: Please check FHA county limits for your county</li>
<li>Occupancy: Most commonly used for owner occupied residences.</li>
</ul>