FHA loans typically require a 3.5% minimum down payment which can be from the applicant, or a gift. Based on your contract the Seller can also assist in paying some of your closing costs. FHA loans are helpful for those applicants that do not have a 20% down payment or choose to retain their cash reserves for other reasons. FHA loan programs typically require you to pay an upfront mortgage insurance premium (UFMIP) and a monthly mortgage insurance premium (MIP) so you will need to factor these premiums into your overall housing budget. Due to their flexibility, minimum down payment required and generous underwriting requirements FHA loans are quickly becoming the product of choice for many home buyers.
Down Payment Assistance
Found the right house for you and you need some help with the down payment? Several programs are available that can get you in your new home with even less than the FHA 3.5% down.
Term: Up to 30 Years Maximum Amount: Varies by County