FHA Loans
Account Description
· FHA loans are insured by the Federal Housing Authority, a division of the Department of Housing and Urban Development.
· This Federally insured program exists to extend more opportunities for affordable home ownership to low to moderate income families, as well as borrowers who may have “less than perfect” credit histories.
Down Payment
· Minimum Borrower contribution 3.5%
Eligibility
· Purchase/Refinance
· Owner Occupied
· Single Family, FHA Approved Condo, PUD, 2-4 Unit
· Can not own another FHA Mortgaged property
· Low monthly insurance premiums
Loan Limits
· Set by county.
· See link for maximum limits https://entp.hud.gov/idapp/html/hicostlook.cfm
Penalties/Restrictions
· No Prepayment Penalty
Account Features
Account Disclosure/Statements
Assistance