Loan Types FHA
The Federal Housing Administration (FHA) offers FHA-backed loans that are designed to help increase home ownership by low- and moderate-income families and first-time homebuyers. Because the FHA insures the loan, lenders can offer greater flexibility in lending guidelines.
Available for single- and multi-family homes, FHA loan financing options include traditional fixed-rate products, adjustable rate mortgages and temporary interest rate buy-downs.
Important benefits of FHA-insured loans include:
- Low down payment
- Minimal closing costs
- More flexible credit-qualifying guidelines
- No income limits
- Higher debt ratios allowed
- Less stringent job requirement guidelines
For more information about FHA loans, talk to one of our experts.