Is FHA the Best Loan Option for You

Top Benefits of FHA Loans
  1. Low Down Payment Requirements – 3.5% minimum down
  2. Flexible qualifying guidelines
  3. 580 min credit score requirements
  4. Flexible or “make sense” underwriting guidelines for previous bankruptcies, foreclosure, and credit flaws
  5. Gift funds for down payment allowed
  6. Down payment assistance available to off-set 3.5% down payment requirement
  7. Non-occupant co-signers allowed
  8. FHA offers below market 30-yr fixed rate mortgages regardless of down payment
Top "Risks" or Cons of FHA Loans
  1. There is an upfront mortgage insurance fee of 1.75% (financed into loan)
  2. There is a monthly private mortgage insurance fee of .85% required
  3. The monthly mortgage insurance fee is required for the life of the loan
  4. The home must meet HUD appraisal standards