- Has down payment options as low as 3.5%.
- Allows closing costs to come from a gift or grant.
- Requires you to pay upfront and monthly FHA mortgage insurance premiums.
- Available in a variety of fixed-rate and adjustable-rate loan options.
- Requires less cash upfront for your down payment and closing costs.
- Available for all income levels.
- Allows a co-applicant to help you qualify even if the person doesn’t live in the home.
- FHA loans have the benefit of a low down payment but there are other loan products with the similar options.
- You can typically only have one FHA mortgage at a time.
- While qualifying guidelines are less strict than other products, you may find FHA to be a more expensive financing option and should be considered after thoroughly evaluating all product options that meet your credit qualifying and financial needs.
- We will always help you compare the overall costs of all products, including the monthly and long-term costs and conditions of the required mortgage insurance.