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If you are a first-time home buyer, FHA loan programs are a great choice for you offering:
Great pricing, lower down payment
Less stringent underwriting process
Minimal down payment
Reasonable interest rates
The Federal Housing Administration, a component of the US Department of Housing and Urban Development) designed FHA-Insured Loans with security and perks that cannot be found with other types of mortgage loans. Specifically built to help first-time homebuyers and buyers who may have a blip on their credit report or don't have a large down payment get a loan, FHA loans provide borrowers with flexibility and adaptable qualification guidelines.
Most common FHA Insured Loans:
FHA 203(b) Home Mortgage Loans for qualified buyers looking to buy or refinance a primary residence.
FHA 203(k) Renovation Loans for those seeking to buy a home that needs a bit of repair and have the cost of rehab wrapped up into the home loan, or those looking to refinance their current mortgage and add remodel and repair costs.
FHA Energy-Efficient Mortgages for those looking to update their home to be energy efficient; for example, adding solar panels or improved insulation.
Additional perks of a FHA mortgage:
Low down payments (as low as 3.5% of the cost of the home)
Fixed-rate and Adjustable-Rate Mortgages offered
100% of down payment and closing costs can be acquired via gift funds
No prepayment penalty
The qualification requirements are very flexible
FHA-Insured Loans are especially beneficial for the following home buyers:
First-time home buyers
Homebuyers with limited money to put down
Home buyers that may have credit issues
Homebuyers wanting low monthly payments
Homebuyers interested in refinancing a costly home loan
Homebuyer seeking to finance one- to four-unit structures or approved condominiums.