FHA Loans

FHA loans have been helping people become homeowners since 1934. The Federal Housing Administration (FHA), which is part of HUD, insures the your loan so the lender can offer more favorable loan terms. FHA usually have lower down payment requirements, and easier credit requirements than conventional loans. They allow the seller to contribute most, or all of the buyers closing costs. FHA loans are usually the best fit for first time home buyers for these reasons. Additionally, part, or all of the down payment can be gifted from a relative. FHA allows several types of properties and offers programs for Manufactured and Modular homes.
FHA does limit the loan size by County. To find out the maximum loan size in your area, go to: https://entp.hud.gov/idapp/html/hicostlook.cfm. HUD also maintains a great library of FHA reference materials. For more information go to: http://portal.hud.gov/hudportal/HUD?src=/library/.
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