FHA loans are an attractive option, especially for first-time homeowners because it is insured by the Federal Housing Administration (FHA). Primarily, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments.Typically the borrower can be approved with 3.5% down vs 20% that is required on other loan programs.
We have low and NO down payment programs:
- 580 Credit Score to 96.5% LTV on FHA purchase loans
- 550-579 Credit Score to 90% LTV on FHA purchase loans
- FHA up to 100% CLTV using Down Payment Assistance (DPA)
- One FICO required OR Non-traditional credit allowed
- No Overlays to stop underwriting process
- Manufactured Homes allowed; follow same guidelines
- 550 to 800+ Credit Scores all typically close in 30 days less
