FHA Home Loan Programs - Purchasing a Home with an FHA Loan

FHA Home loans were created to help Americans achieve home ownership. This program allowed individuals to qualify for lower interest rates and less out-of-pocket costs than conventional mortgages. The benefits of FHA Home loans in comparison to conventional mortgages are:

  • Closing Costs and Down Payments are minimal
    • Down payments are lesser than 3.5% of the total loan
    • NO money down financing available
    • Closing and down payment costs can be covered by gifts
    • Reserves are not always required
    • Closely monitored closing fees governed by the FHA
    • Up to 6% of the total sales price can be credited
  • Relaxed Credit Guidelines for Qualifying:
    • FICO credit score of 620 or higher
    • FHA Home Loans can be acquired after two years of a Bankruptcy
    • FHA Home Loans can be acquired after three years of a Foreclosure
  • Debt Ratio and Job Requirement Guidelines:
    • More Debt allowed than conventional loan programs
    • Minimum of two years of employment history required
    • More tolerant of Self-Employed FHA Home Loans applicant

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These advantages of the FHA loan program has made it one of the best options for most first time home buyers as well as move-up home buyers.

FHA Home Loans are not only for first time home buyers. As long as you do not have multiple FHA loans, you can qualify.

Here are some examples of FHA Home Loan Programs and their descriptions. You can click on each program for details. Once you find the right one, let us help you apply today apply today.

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