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FHA Loans

What are FHA Loans?

FHA is a government backed loan that provides flexible lending solutions for qualified borrowers who may have had past credit issues, have less available cash for down payment and closing costs, or are looking to refinance their current home loan.

 

What are the FHA Down Payment Requirements?

For Purchase transactions FHA Loans require the home-buyer to put down at least 3.5% of the purchase price of the home. For a Refinance transaction, reduced documentation options are available see FHA Streamline Refinance link.

What types of property are eligible?

Most conventional loan programs allow you to purchase single-family homes, warrantable condos, planned unit developments, and 1-4 family residences.

FHA Advantages:

  • Closing Costs can be paid by the seller
  • Flexible Qualifying Guidelines
  • 203K Rehabilitation Loan
  • Energy Efficiency Mortgage
  • Easy Low-Cost Refinancing
  • Down Payment as low as 3.5%
  • Down Payment can be a Gift from a Relative

For additional questions regarding the FHA loan program please contact one of our mortgage professionals for more details, eligibility and availability. The links to the right are articles aimed at helping you better understand FHA loans. With this information you can make a more informed decision on whether these government insured loans are right for you and your family.

Commonwealth Mortgage is not acting on behalf of, or at the direction of HUD/FHA, VA, USDA, WHEDA, or the Federal Government.

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