Summary
An American staple over the last 100 years. No mortgage program has been used more to help first time home buyers purchase their first home. FHA loans are backed and insured by the Federal Housing Administration (FHA). FHA allows low rates and down payments with flexible underwriting guidelines.
Qualifications
Minimum Down Payment
3.5% of sales price (can be a gift from family member)
Minimum Credit Score
580
Max Debt-To-Income Ratio
57%
Non-Occupant Co-Borrower
Allowed
Manual Underwrite
Allowed
Max Seller Concessions
6%
Eligible Property Types
Single family residence, 1-4 unit, townhouse, condo, PUD, modular, and manufactured homes
Max Loan Amount
Varies county to county – click the following link to find out more https://entp.hud.gov/idapp/html/hicostlook.cfm