Federal Housing Administration (FHA) Loans
These are federally insured loans that require a minimum down payment of 3.5%. Anyone (regardless of race, color, religion, sex, marital status, or national origin) living in the United States is eligible to apply for an FHA loan.
- Minimum credit score required: 580 (10%down on c/s 500-579)
- Minimum 3.5% down payment is required
- Maximum loan amount: $472,030.00
- Requires 1.75% funding fee
- Requires monthly PMI
- No prepayment penalty
- Gift funds are allowed
- Down payment assistance available