FHA

Federal Housing Administration Loan

If you’d like to purchase a home but face challenges such as limited credit, insufficient down payment, or inability to cover closing costs, an FHA loan could be the answer. The purpose of FHA financing is to offer homebuyers an alternative to conventional loans, providing attractive and flexible guidelines to facilitate the homebuying process.

Discover additional details regarding this program and the eligibility criteria by consulting with your loan advisor at Success Mortgage Partners.

• Low 3.5% down payment
• 100% gift funds – the entire 3.5% down payment can be a gift from parents, relatives or an employer.
• FHA allows seller to give up to 6% of the home’s purchase price to an FHA buyer to pay for closing costs and pre-paid costs.
• Flexible credit qualifying – because it is government-backed, it’s possible to qualify for an FHA loan with a lower credit score than on conventional loan programs.
• Upfront mortgage insurance may be financed or paid in cash.
• May also be an option for borrowers with limited equity looking to refinance.
• Ability to choose from a fixed-rate or adjustable rate.