The FEDERAL HOUSING ADMINISTRATION program continues to evolve, and total mortgage insurance costs have risen. While these costs have increased, potentially making these loans less advantageous than in the past, they are still a good option if your needs and situation precludes you from qualifying for a conventional loan. Of course, we’ll always fully assess your situation, educate you on available options and help guide you to financing that suits your needs.
With this program, some of the features are:
- Depending on the area of the home, loan maximums can exceed the conventional loan limits
- Sellers may be able to help pay closing costs
- In most cases, the borrowers down-payment may be as little as 3.5 percent