Did You Know?

FHA loans are one of the best options for young, first-time home buyers who have not had as much time to save for a large down payment or establish a high credit score.

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Can I Get a No Money Down FHA Loan?

Can I Get a No Money Down FHA Loan?
The Federal Housing Administration (FHA) does not offer a true "no money down" loan option like some other loan programs. However, they do offer a low down payment option compared to conventional loans.

FHA loans typically require a minimum down payment of 3.5% of the purchase price of the home with the right credit score. This means that if you're buying a house for $240,000, you would need to make a down payment of at least $8,400. The down payment can come from your own funds, a gift from a family member, or a down payment assistance program. If your credit score is below the standard requirement set by you lender you may have to increase your down payment to 10% of the loan.

It's important to note that while the down payment requirement for FHA loans is relatively low, you will still need to cover closing costs, which can include fees for appraisals, inspections, title insurance, and more. These costs are separate from the down payment.

Additionally, FHA loans have mortgage insurance premiums (MIP) that borrowers are required to pay, both upfront and as part of their monthly mortgage payments. This insurance helps protect the lender in case the borrower defaults on the loan.

Please keep in mind that loan program guidelines can change over time, so it's a good idea to consult with a mortgage lender or FHA-approved lender for the most up-to-date information on FHA loan options and requirements, especially if you are considering purchasing a home today.


Annual Income Requirements for FHA Loans
Good Credit History Helps Get FHA Loans
Stay Informed About Your Mortgage Closing Costs
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FHA Loan Articles

When not to Consider Refinancing a Home

There are plenty of reasons to delay plans to refinance a home. One reason has made big headlines. When borrowers face higher interest rates than originally approved for, that is a good reason to wait to refinance.

How FHA Construction Loan Draw Disbursements Work

When you are approved for an FHA One-Time Close Construction loan, you get a single loan that pays for both the costs to build the house, and serves as the mortgage. One application, one approval process, and one closing date.

Mortgage Rate Predictions for 2024

In the last days of November 2023, mortgage loan rates flirted with the 8% range but have since backed away, showing small but continued improvement. What does this mean for house hunters considering their options to become homeowners soon?

Is It Cheaper to Buy a Home With an FHA Loan or to Rent?

In May 2023, USA Today published some facts and figures about the state of the housing market in America. If you are weighing your options for an FHA mortgage and trying to decide if it’s cheaper to buy or rent, your zip code may have a lot to do with the answers you get.

Why Do FHA Loans Have Borrowing Limits?

FHA loan limits serve as a crucial mechanism to balance financial sustainability, regional variations in housing costs, and the agency's mission to promote homeownership, particularly for those with limited financial resources.

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