A low down payment could open the door to your new home! FHA loans are government insured and come with flexible credit, income, and down payment requirements. This makes them a secure choice for borrowers who might not qualify for Conventional loans. Opt for the security of a fixed-rate FHA loan or the versatility of an adjustable rate—any way you choose, flexibility is the name of the game.
FHA Loan Requirements
- Down payments as low as 3.5%
- Credit scores as low as 580 may be accepted
Benefits You’ll Love
- Generally easier to qualify for than Conventional loans
- No prepayment penalties
- 15-, 20-, 25-, and 30-year fixed-rate terms and 5/1 ARMs available
- It’s possible to refinance a Conventional loan into an FHA loan
- FHA to FHA streamline refinances do not require an appraisal
- Available for cash-out refinance or rate/term refinance