Federal Housing Administration (FHA) Mortgage Programs

Don’t have much to put down on a house or you’re worried about qualifying? The government has your back.

What Are FHA Mortgages?

These are simply federally-backed mortgage loans from lenders.
They can be a fixed-rate mortgage or an adjustable-rate mortgage.
The required down payment – which can be a gift from a relative – can be as low as 3% of the price of the home.
The government recently raised the limits on FHA mortgage loans. Check with your lender to find out the new, increased limit in your area.

Who Are FHA Mortgages For?

First-time home buyers.
Borrowers who don’t have a lot of money to put down.
People who want to keep their monthly payments as low as possible.
Individuals who are worried about qualifying for a loan.
Those who don’t have perfect credit.

Remember that the mortgage loan programs available to you will depend on a number of different factors including your financial situation and location. Each county has a maximum loan size permitted under FHA guidelines – check with your lender to find out the limits where you live.