Home loans backed by the Federal Housing Authority (FHA) can make it easier for you to qualify to purchase or refinance a home. If you have credit challenges, an FHA loan may be the right answer for people who may not qualify for a conventional mortgage.

FHA loans usually have higher debt ratio allowances, which can make a difference when you have steady income but may have debt from college loans, credit cards, etc.

FHA Highlights:

  • Low down payments
  • Flexible income and credit requirements
  • Loans for 1-4 unit properties and condos may be available
  • Down payment funds can be a gift from a relative or employer*
  • Home sellers can contribute up to 6% of the closing costs

*Subject to underwriting review and approval.