FHA loans are insured by the Federal Housing Administration (FHA). Programs are available for borrowers with limited savings for a down payment.
- Down payment as low as 3.5%
- Flexible use of gifts and grants for down payment
- Best for borrowers with limited assets, or for those with lower credit scores
- 620 minimum credit score required
- Eligible for 1-4 unit homes, must occupy one of the units
- Non-occupant co-signer eligible
- Primary residences only