FHA financing is a home loan program offered through The US Department of Housing and Urban Development. FHA financing allows borrowers to purchase a home loan using a 3.5% downpayment. 3.5% of what? When calculating the downpayment mortgage officers use the purchase price of the home. Example: the home’s price is $100,000 and the downpayment is 3.5% then the downpayment is $3,500. If the home is $400,000 then the down payment is $14,000.
Types of FHA Financing Programs
- FHA Financing for Single Family Home
- FHA Financing for Multi-Family Dwellings
- FHA 203K Rehab Loans
- FHA Energy-Efficient Mortgage
What Homes Qualify for FHA Financing?
- The home can be in any area or city. Some condos do not qualify.
- The home must be stick built. Manufactured homes do not qualify.
FHA Appraisals: Items of Concern
- Roof is failing
- Siding is failing
- Cracked Foundation
- Failed Electrical or Plumbing
Curious about qualifying? Contact us and we’ll get you started.