FHA loans are providing new opportunities to potential homeowners across the country. With greater flexibility than ever before, FHA is making homeownership happen. FHA-insured home loans offer many benefits:
- Easier to qualify for. You do not need to be a first-time homebuyer.
- Available to borrowers with less-than-perfect credit: Even after bankruptcy, you can be considered after two years of discharge and once good credit has been established (Minimum credit score 620)1
- Low down payments. Down payments can be in the form of a gift, and up to 6% seller assist.
- Lower costs: Interest rates tend to be lower than conventional mortgage rates
- 2 years of employment or self-employment
- US citizenship is not required, but for those who are not citizens, they must be lawful permanent or non-permanent resident aliens with a valid Social Security Number
*Must meet certain qualifications; we will review these with you. 1Minimum FICO in declining markets is 660.