FHA Loan
Federal Housing Administration (FHA) was created by the Federal Government to provide affordable housing financing for qualified borrowers. 
FHA insures the loan, limiting the lender’s risk. FHA requires down payment of around 3.5% where conventional loans usually require more. This money can be a gift and no reserves are required.
Borrowers must provide proof of sufficient income to show ability to pay the mortgage. FHA guidelines are more relaxed than conventional financing guidelines, such as; a bankruptcy that was discharged at least 2 years ago, the use of alternative credit (utilities, cable TV, auto or medical insurance premiums, child care, school tuition, furniture or appliance store accounts) in lieu of traditional credit, and higher debt to income ratios. FHA interest rates are extremely competitive with conventional rates.
Contact us anytime to speak to a Lender about FHA financing options.
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