What Are FHA Loans?
A Federal Housing Administration (FHA) loan is insured by a government agency called the Federal Housing Administration, and offers financing to borrowers who may not be able to qualify for traditional loans. This loan is popular among first-time home buyers and those with less-than-perfect credit, as it requires smaller down payments and feature more flexible terms.
Loan Program Details
- 3.5% minimum down payment (may be a “gift”)
- Mid+ Credit Score
- Allows for a non-occupant co-borrower to help you qualify
- 6% maximum seller contribution
- Upfront mortgage insurance premium (UFMIP) required, which may be financed into the loan
- Monthly mortgage insurance based on Loan to Value (LTV)
- Properties must meet HUD guidelines
- For primary residence only
- Only one FHA loan permitted at a time
- Low closing costs
- Competitive interest rates
- Managed in-house
- Simple & secure online application
If you’re interested in purchasing a home or refinancing in Washington, Oregon, or California, Homeseed can help you make it happen. Please contact us today or apply online in less than 10 minutes using the secure online application below.