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An FHA loan has features that make homeownership affordable. With its low down payment options, you’ll need less cash to get started, so qualifying is easier than you might think.

Overview

Purchaser Qualification

Income based

Loan to Value (LTV)

96.5% for purchases, 97.75% for refinances, 85% for cash-out refinances

Interest Rate

Fixed or variable

Down Payment

As low as 3.5%

Features

  • Up to 6% seller contribution allowed (based on LTV), and can be used for closing costs or prepaid items
  • Allows for down payment assistance from third-party organizations and agencies
  • No reserve requirement for a 1-2 unit property1
  • Available for one to four unit owner-occupied properties including single-family, attached or detached, condos or planned unit developments
  • Insured by the Federal Housing Administration, so the qualification criteria are more flexible than for conventional loans

Disclosures

1

Dependent upon automated mortgage underwriting response.

NOTICE: This is not a commitment to lend or extend credit. Conditions and restrictions may apply. Information and offers are subject to change without notice. All loans are subject to credit and collateral approval. Not all loans and products are available in all states. NMLS#399797

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TDD/TTY (Hearing Impaired):
1-800-539-8336

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