If you’re not eligible for VA loans and a low down payment and flexible financing are at the top of your checklist for a mortgage, than an FHA loan may be just what you need!
Here are some tips to consider:
FHA Loans Explained
- You may have heard that an FHA loan allows you to make less of a down payment and allows a few ‘dings’ on your credit report – ok, it can be true. However, this does not mean the FHA loan is automatically the best fit for you or your family – ask us to explain the pro’s and cons!
- Down payment may be as low as 3.5%
- ‘Gift Funds’ are allowed for your down payment
- It is possible to qualify for ‘No Closing Cost’ options
- There are no income limit restrictions for most government loans
