An Introduction to FHA Home Loans

FHA Loans – A Low Down Payment Option

A go to for first-time homebuyers, the FHA loan offers flexible qualifying and credit requirements along with a down payment as low as 3.5%. Also available for move up buyers!

FHA Home Loans

Originally aimed at first-time homebuyers, the government-insured FHA home loans now offers an affordable, low down payment option that helps buyers with many different financial situations become homeowners. FHA home loans have a wide variety of options including alternative source of funds, higher allowance than conventional loans for seller contributions, renovation financing and options for borrowers with past credit events. Also available for refinancing your property.

Low Down Payment Option

FHA home loans offer a 3.5% minimum down payment, perfect for borrowers with little funds for upfront costs. Sellers are also allowed to contribute up to 6% towards closing costs.

Options. Options. Options.

FHA home loans have many options for borrowers to consider including fixed or adjustable rates and a variety of loan terms for both home purchases and refinances. Summit Mortgage is here to help you understand all your options and make the best decision for your specific situation.

Flexible Qualifying Guidelines

Borrowers with less than perfect credit or non-traditional credit histories may still qualify for financing with FHA. Family members or close friends can also help you qualify with gift funds for the down payment or applying with you for the loan as a non-occupying co-borrower.

Want to get started now? Complete our Quick Start Form and we’ll connect you with a loan officer that matches your specific needs. They’ll provide a free consultation and guide you through every step of the loan application process.

FHA Home Loan Details:

• 3.5% minimum down payment
• Financing for Primary Residence only
• If purchasing a multi-unit property may be able to use rent from unit homebuyer will not occupy to qualify
• Down payment may come from gift funds (talk to us about this early in the process!)
• Up to 6% seller contribution allowed
• Non-occupying co-borrowers are allowed to help the occupying borrowers qualify for the loan. A great option for parents looking to help their children buy their first home!
• Non-traditional credit history acceptable
• Variety of loan terms available for both purchase and refinance as well as renovation