Federal Housing Administration Loans
If you’re looking for a loan with flexible credit requirements and a more manageable down payment, an FHA loan—backed by the Federal Housing Authority—may be just the ticket.
Government-backed FHA Loans offer competitive rates, flexible credit requirements, and down payments as low as 3.5%. An FHA Loan is a great option for people who may not qualify for a conventional loan.
Both up-front mortgage insurance and monthly mortgage insurance are required for FHA Loans, while they can be optional in other situations. You’ll also be required to have an escrow account to stay on top of your property taxes and insurance payments.