What is an FHA Loan?
An FHA Loan is a mortgage that’s insured by the Federal Housing Administration. They allow borrowers to finance homes with down payments as low as 3.5% and are especially popular with first-time homebuyers.
Who is aN FHA loan for?
USDA Rural Housing loans are available to qualified low-to-moderate income homebuyers purchasing a home in a designated rural area.
What are the requirements of an FHA Loan?
- FICO® score at least 620= 3.5% down payment.
- MIP (Mortgage Insurance Premium) is required.
- Debt-to-Income Ratio < 43%.
- The home must be the borrower’s primary residence.
- Borrower must have steady income and proof of employment.