FHA

​An FHA loan is a mortgage insured by the Federal Housing Administration (FHA). FHA loans are designed for low-to-moderate income borrowers who are unable to make a large down payment or someone who has marginal credit.    The 3.5% down payment requirement can come from the buyer or a gift from family, which makes FHA loans popular with first-time homebuyers but not limited to first-time homebuyers.  It can also be used as a refinance program.  Even people who have no credit or have gone through bankruptcy and foreclosure may still qualify.   Borrowers can pay off an FHA mortgage early with no penalty. 

​FHA program does include 203k home improvement loans & REVERSE MORTGAGES which both can be used for a purchase or refinance.

“Quick Facts About FHA Loans”

• ​An FHA loan is a mortgage insured by the Federal Housing Administration (FHA).
• FHA loans are designed for low-to-moderate income borrowers who are unable to make a large down payment or someone who has marginal credit.   
• The 3.5% down payment requirement can come from the buyer or can come from a gift from family, which makes FHA loans popular with first-time homebuyers (although not limited to first-time homebuyers.) 
• FHA loans also can be used as a refinance program. 
• Even people who have no credit or have gone through bankruptcy and foreclosure may still qualify.  
• Borrowers can pay off an FHA mortgage early with no penalty. 
• The FHA program also can include 203k home improvement loans & REVERSE MORTGAGES (both can be used for a purchase or refinance).