FHA Loans allow for minimal downpayment, relatively low interest rates, and more lenient credit standards in an effort to make home ownership affordable for more Americans.  FHA Loans are offered by private lenders who follow guidelines set forth by the office of Housing and Urban Development through the Federal Housing Authority.  The loans are insured by the federal government.

FHA Loans are available on1-4 unit properties for primar residences and require as little as 3% down payment.  Closing costs and fees can often be included in the loan.

Through the FHA Program, borrowers are able to purchase a home with little money down if they meet certain criteria (information from HUD).

• Borrower must meet standard FHA credit qualifications.
• The borrower is eligible for approximately 97% financing.
• The borrower is able to finance the upfront mortgage insurance premium into the mortgage.
• The borrower will be responsible for paying the annual premium.
• Eligible properties are 1-4 unit structures.
• Eligible properties are primary residences.

Click the button below to check your eligibility for an FHA loan:

In order to qualify, you will have to provide some information to a licensed FHA Mortgage Consultant or Loan Officer. The loan officer will be required to get some income and asset information, pull your credit report and find some details about the area where you want to buy and about how much the home will cost. They will then run your information through an automated underwriting system to determine your eligibility. FHA Loans are not as dependent on your credit score as much as some other types of loans.