Looking for a low down payment option? Look no further! FHA loans require only a 3.5% down payment, which is ideal for first time buyers or experienced homeowners who qualify.
FHA - Mortgage
· Lower down payment than other loan options, often as low as 3.5%
· Can be used on single-family units and multi-family units or 2-4 unit properties
· Funds can come from a gift
· May be available to qualified homebuyers with imperfect credit
· Higher debt-to-income ratios permitted for approval
· No income limits necessary
· Purchase, refinance, and renovation loan options are available
WHAT IS A FHA MORTGAGE?
Federal Housing Administration mortgages are loans provided by FHA-approved lenders that come with a down payment as low as 3.5% of the property’s purchase price.*
The FHA was created in the 1930s as a way to combat the difficulties in the housing industry in regard to unfavorable mortgage loan terms, low rates of homeownership, and unemployment among construction workers.
*Tristate Lending Group is not affiliated with or acting on behalf of or at the direction of FHA or the Federal Government.