First-time home buyers choose FHA loans for their low rates and because they are often easier to obtain.
- lower down payment
- more liberal qualifying formula
- fixed rate
- FHA is typically a first time home-buyer program. However, it can be used multiple times .
- 620 credit score
- 3.5 percent required down payment which can come from a gift , secured borrowed funds (under certain circumstances,) retirement plans etc.
- Loan limit is up to $331,760