If you’re trying to improve your credit or have limited funds for a down payment, an FHA loan may be an attractive option for you. Insured by the Federal Housing Administration, these loans are available to all home buyers. There are limits that vary by county for FHA loans, but they are high enough to handle moderately-priced homes. FHA loans offers more flexibility than other types of loans, including low down payment options.
Federal Housing Administration, or FHA mortgage loans, require a lower down payment than most other lending programs. Plus, you can use any type of funds to cover the down payment, including those provided by parents and other relatives, and even your employer. The program even allows the seller of the home to contribute up to 6% of its purchase price to closing costs.
The qualifying terms are more flexible than other loans. Conventional loans are stricter when it comes to your credit score, but an FHA loan typically has a higher minimum credit score requirement. And you can even roll your private mortgage insurance into your monthly payments.
Also, with an FHA 203K program, you can finance certain home renovations, provided they qualify for the program. This is extremely useful when upgrades to your home are needed.
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