FHA Loan

An FHA insured loan is a US Federal Housing Administration mortgage insurance backed mortgage loan that is provided by an FHA-approved lender. FHA insured loans are a type of federal assistance. They have historically allowed lower-income Americans to borrow money to purchase a home that they would not otherwise be able to afford. FHA loans require 3.5% down and private mortgage insurance for the life of the loan.

Minimum Down Payment:   3.5%

Gift Funds: All funds required can be a gift from an acceptable donor; family member, fiance, domestic partner, etc.
Seller Sales Contributions:  6%

Maximum Loan Amounts (Owner Occupied): 1 UNIT - $331,760

Mortgage Insurance-Purchase Transactions: 

To calculate monthly Ml, multiply factor above by loan amount & divide  by 12

                                  30 Year Upfront/Monthly                                             15 Year

                                  95% & above 1.75/.85                                            90.00 & above 1.75/ .70 

                                   below 95% 1.75/.80                                                below  90.00% 1.75/.45