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Exterior of a one story home.

What is an FHA Loan?

First things first: an FHA Loan is a mortgage that is insured by the FHA (or Federal Housing Administration). FHA Loans have no income limits, but require a 3.5% minimum down payment and a maximum loan amount of $356,362. If the property is a condominium, it must be on the FHA-approved list. In addition, an upfront mortgage insurance premium is financed into the loan, with seller concessions up to 6% of the sales price.

Who is eligible?

Often popular among first-time home buyers, FHA Loans appeal to those who may not have a lot of savings or might be feeling some credit challenges (usually with a credit score of 580 or higher, although those with scores between 500-579 can still qualify, but need to make a larger down payment.) Also, with FHA Loans, gifts are allowed (such as financial support from family, employers or charitable organizations).

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Who is eligible?

Often popular among first-time home buyers, FHA Loans appeal to those who may not have a lot of savings or might be feeling some credit challenges (usually with a credit score of 580 or higher, although those with scores between 500-579 can still qualify, but need to make a larger down payment.) Also, with FHA Loans, gifts are allowed (such as financial support from family, employers or charitable organizations).

What other loan types are available?

When it comes to loans, you have many more options than you think. Find out about some here:

Possibility starts here.
Find a loan officer near you to get started.

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