FHA Loan

FHA mortgage loans are issued by federally qualified lenders certified by the U.S. Federal Housing Authority, a division of the U.S. Department of Housing and Urban Development.

FHA loans are an attractive option, especially for first-time homeowners:

  • Generally easier to qualify for than conventional loans.
  • Lower down payment requirements.
  • Cannot exceed statutory loan limits.
  • FHA charges a 1.75% upfront premium built into the loan
  • FHA also charges .85% Monthly insurance premium for the life of the loan
  • Minimum Down Payment is 3.5% of purchase price or 96.5% of appraised value
  • Rates are not as sensittive to credit score as conventional loans are
  • 100% purchase opton avaialble for First time home buyers via the state program (CHFA)- certain qualifications apply and may be different then FHA
  • Non-Occupant co-borrowers allowed

Contact Horizon Home Mortgage today to see if FHA is right for you!!