FHA purchase loan information with max LTV of 96.5%, minimum FICO score of 500, various property types, primary occupancy, and loan terms of 15 or 30 years. Highlights competitive rates for lower credit scores.

The First Ever 30 Year Fixed in 1934

Key Loan Details (Purchase)

  • Good Terms for Borrowers With Less Than Perfect Credit: For those with credit scores below 700, an FHA loan may present the most advantageous terms.

  • Standard Purchase: Open to all, this option allows for home buying with a 3.5% down payment for individuals with a credit score of at least 580. A 10% down payment is needed for those with credit scores between 500 and 579.

  • FHA Good Neighbor Next Door: Targeted at full-time law enforcement officers, pre-K through 12th grade teachers, firefighters, and EMTs, this program supports those actively serving their community's location.

  • FHA 203k: This renovation loan program from FHA is designed to cover the costs of renovation, requiring as little as a 3.5% down payment based on the post-renovation value.

  • Funding Sources: Financial support for down payments and closing costs can be sourced from gifts, grants, or the Community Seconds® program, with no personal contribution necessary.

References