Loan Products

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 FHA loans are mortgage loans backed by the Federal Housing Administration (FHA). They are designed to help lower-income and first-time homebuyers qualify for a mortgage. Here are some key features of FHA loans:

1. Lower Down Payment: FHA loans typically require a down payment of as little as 3.5% of the home's purchase price.
2. Credit Score Flexibility: FHA loans are more lenient with credit scores. Borrowers can qualify with a credit score as low as 580 (and even lower with a larger down payment).
3. Mortgage Insurance: Borrowers must pay for mortgage insurance premiums (MIP) as part of their monthly payments. This protects lenders against the risk of default.
4. Loan Limits: FHA loans have specific limits that vary by region and are generally lower than conventional loans.
5. Property Requirements: The property must meet certain standards to ensure it is safe and livable.
6. Assumption: FHA loans can be assumed by a new buyer if the property is sold, which can make the home more attractive to potential buyers.