An FHA loan offers a mortgage solution with a minimum 3.5% down payment, specifically designed for first-time homebuyers and individuals facing credit challenges. Even if you don't meet traditional mortgage criteria or have a history of bankruptcy, FHA loans remain a viable and accessible option.
This financing option is particularly advantageous for first-time homebuyers or those seeking a reduced down payment. It also provides assistance to clients with credit scores that may not be perfect, making homeownership more achievable for a broader range of individuals.
These loans are issued by private FHA-approved lenders and are versatile, covering single-family homes, two- to four-unit multifamily homes, condominiums, and certain manufactured homes with a permanent foundation.
FHA loans can also finance new construction or home renovations, subject to meeting FHA appraisal standards. The government-backed insurance enables lenders to offer favorable terms, expanding access to homeownership for a wider audience.
Key benefits of FHA financing include:
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To qualify for an FHA loan, you'll need to meet FHA requirements, including an acceptable credit score and a debt-to-income ratio of less than 50%.
The property must adhere to FHA loan limits, which differ by county. As of 2024, these limits typically range from $498,257 for single-family homes in low-cost areas to $1,149,825 in high-cost areas. Certain counties fall within these specified limits.
If your down payment is less than 10%, FHA mortgage insurance remains in effect for the entire duration of the loan.
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