FHA loans have been helping people become homeowners since 1934. The Federal Housing Administration (FHA) - which is part of HUD - insures the loan, so your lender can offer you Low down payments Low closing costs Easy credit qualifying.   What does FHA offer you?   Buying your first home?   FHA might be just what you need. Your down payment can be as low as 3.5% of the purchase price, and most of your closing costs and fees may be included in the loan. Available on 1-4 unit properties.  Want a fixer-upper?    Affordable Interest Mortgage has several Down Payment Assistance Programs to where you may qualify to purhcase a home with as little as $1000 down.  FHA has a loan (203ks) that allows you up to $35,000.00 to buy a home, fix it up, and include all the costs in one loan. Or, if you own a home that you want to re-model or repair, you can refinance what you owe and add the cost of repairs, up to $35,000.00 - all in one loan (FHA 203k).  Want to make your home more energy efficient? You can include the costs of energy improvements into an FHA Energy-Efficient Mortgage.   Financial help for seniors. Are you 62 or older? Do you live in your home? Do you own it outright or have a low loan balance? If you can answer "yes" to all of these questions, then the FHA Reverse Mortgage might be right for you. It may let you convert a portion of your equity into cash.       

In an FHA mortgage the customer must put at least 3.5% of the sales price into the transaction. Some of this money may be used for down payment and the rest for closing costs . Keep in mind, however,that the total cost to close on an FHA is commonly over the 3.5%.

FHA allows the borrower to get the funds necessary to close from several sources. They include such areas as personal savings, gifts, grants, down payment assistance programs, loans from retirement accounts and seller contributions.



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