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Federal Housing Administration Loan (FHA)

Loans secured by the Federal Housing Administration (FHA). Although the government insures the loans, they are offered by FHA-approved mortgage lenders. FHA loans allow for a small down payment, just 3.5%, and the qualification criteria permits a lower credit score than Conventional loans.

What is an FHA loan?

An FHA loan includes the following features

1. Verifiable employment history for the last two years.
2. Non-occupant co-borrower/co-signer allowed.
3. Loan is used for a primary residence.
4. Flexible Credit. FICO score of 500 to 579 with 10 percent down or a FICO score of 580 or higher with 3.5 percent down.
5. Gift funds allowed for 100% of down payment and closing costs.
FHA Main Detail