FHA loans are a great way to get into a home without having to come up with a 20% down payment starting at as low as 3.5%. Since FHA loans are backed by the Federal Housing Administration it’s easier to qualify and allows for lower interest rates.
FHA Features
Lower Credit Requirements 580+
Must have maximum 50% debt to income ratio
Lower down payment requirements 3.5%+
Must cover mortgage insurance premium
Available in 15- or 30-year terms
Must abide by loan limits in your area
Bankruptcy in the past okay!
Must move in within 60 days of closing
No Income minimum or maximum
Must be your primary residence