FHA Federal housing administration

The Federal Housing Administration is a program backed by the United States government which seeks to facilitate home ownership,

especially for those who may have difficulty fulfilling the more stringent requirements of conventional loans. Here is an explanation of the key features of this service

3.5% Down
Payment

One of the oustanding features of the FHA program is the possibility of making an initial down payment as low as 3.5% of the purchase value of the home.

This is significantly lower than the traditional down payment, which makes home ownership more accessible to a broader group of people.

The FHA program is known to accept lower credit scores in comparison to what other conventional loans require.

With a credit score as low as 680, this program allows those with a less than stellar credit histories to gain access to opportunities for home ownership.

FICO
as low as 680

Closing costs
as low as 6%

The FHA program specifies that closing costs can be as low as 6%. Closing costs usually include fees and expenses associated with real estate transactions.

Although closing costs can be financed as part of the mortgage loan, it is important that buyers be aware of this aspect of the process when considering the FHA program.

The FHA service is a popular option, especially for first time home buyers or those who are facing financial challenges.

By requiring a lower down payment, accepting lower credit scores and providing options for closing costs, the program seeks to promote home ownership and to make that possibility more readily available to a broader range of people.

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