FHA Loan

What is an FHA Loan?

An FHA Loan is a mortgage that’s insured by the Federal Housing Administration. They allow borrowers to finance homes with down payments as low as 3.5% and are especially popular with first-time homebuyers.

Who is aN FHA loan for?

USDA Rural Housing loans are available to qualified low-to-moderate income homebuyers purchasing a home in a designated rural area.

What are the requirements of an FHA Loan?

  • FICO® score at least 620= 3.5% down payment.
  • MIP (Mortgage Insurance Premium) is required.
  • Debt-to-Income Ratio < 43%.
  • The home must be the borrower’s primary residence.
  • Borrower must have steady income and proof of employment.