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FHA Financing Overview

The FHA loan program was created to help increase homeownership. The FHA financing program is a great option for buyers who require a smaller down payment or need more credit flexibility than conventional loans.

The FHA loan program allows:

  • Minimal Down Payment and Closing Costs
    • Down payment equal to 3.5% of sales price
    • Gift for down payment and closing costs allowed- with certain limitations
    • No post-closing reserves are required
    • FHA regulated closing costs
    • Seller can credit up to 6% of sales price towards buyers costs and loan related expenses
  • Credit Qualifying Guidelines
    • Minimum usable credit score of 640
    • FHA will allow a home purchase two years after a bankruptcy
    • FHA will allow a home purchase three years after a foreclosure
  • Easier Debt Ratio & Job Requirement Guidelines
    • Higher Debt-to-Income Ratios than other home loan programs
    • Less than two years on the job is allowed
    • Self-employed individuals are also eligible

You do not have to be a first time buyer to obtain a FHA loan. Anyone may use a FHA loan as long as you do not have more than one FHA insured loan at the same time (with certain exceptions).

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Expert Spotlight
Mike Smith

Click here to read the bio of Mike Smith, Executive Vice President, Delta Trust Mortgage, Inc.

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