- FHA Loan:
- FHA mortgage loans are issued by federally qualified lenders certified by the U.S. Federal Housing Authority, a division of the U.S. Department of Housing and Urban Development.
FHA loans are an attractive option, especially for first-time homeowners:
- Generally easier to qualify for than conventional loans.
- Lower down payment requirements.
- Cannot exceed statutory loan limits.
An FHA Loan is an excellent choice for refinance, allowing financing for up to 97.75% of your home’s value (85% for cash-out refinances). If you’re in an FHA loan now, you could even refinance with no appraisal with our FHA Streamline option. FHA Loan is also popular for first-time home buyers – a down payment of only 3.5% needed!