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FHA loans provide low down payments and flexible requirements, making them an excellent choice for first-time buyers entering the housing market with confidence and affordability.
Start with as little as 3.5% down, making it easier to finance even larger renovation projects.
From structural additions to value-boosting improvements, manage everything with one contractor.
No cap on repairs, with a minimum of $5,000, giving you the freedom to enhance your home as needed.
An FHA loan is a government-backed mortgage designed to make homeownership more accessible, especially for first-time homebuyers or individuals with lower credit scores. It offers more flexible qualification criteria compared to conventional loans.
FHA loans require a minimum down payment of just 3.5%, making it easier for buyers to purchase a home with less upfront cash compared to conventional loans. (also making it easier to finance even larger renovation projects)
Yes! FHA loans allow 100% of the down payment and closing costs to be covered by gifted contributions from eligible sources, such as family members, employers, or approved assistance programs.
FHA loans require both an upfront mortgage insurance premium (UFMIP) and an annual mortgage insurance premium (MIP), which is added to your monthly payment. However, borrowers can refinance into a conventional loan later to remove mortgage insurance once they build equity.
Yes, FHA loans have loan limits that vary by location and are adjusted annually. These limits are set by the Federal Housing Administration and depend on factors such as the local housing market.