FHA 3.5% Down Payment
An FHA home loan is a US Federal Housing Administration mortgage insurance backed mortgage loan which is provided by an FHA-approved lender. FHA insured loans are a type of federal assistance and have historically allowed lower income Americans to borrow money for the purchase of a home that they would not otherwise be able to afford.
Federal Housing Administration loans require a minimum 3.5% down payment, however, any down payment assistance program can cover the necessary minimum down payment. FHA home loans have an Upfront Mortgage Insurance Premium of 1.75% as well as a monthly mortgage insurance premium (MIP).
Down payment assistance and community redevelopment programs offer affordable housing opportunities to first-time home buyers, low- and moderate-income individuals, and families who wish to achieve home ownership.
FHA Home Loans: Benefits
- Low Down Payments
- Low Closing Costs
- Easy Credit Qualifying
- Great For First Time Home Buyers
- Financial Help For Seniors