FHA Loans are insured, private loans backed by the Federal Housing Administration.
FHA Mortgages are great for individuals, such as first-time homebuyers, who prefer a lower down payment than those required by a traditional mortgage.
- A minimum down payment of 3.5%
- Fixed interest rate
- Flexible underwriting standards
- Mortgage Insurance Premium (MIP) required
- FHA Funding Fee required, but can be financed through the loan
- No prepayment penalty
Interested in discussing a mortgage? Contact us.