FHA Loans:

Federal Housing Administration (FHA) mortgages are insured by the FHA and they offer more flexible down payment and underwriting guidelines. They are not just for first time homebuyers but are available for all borrowers who qualify – for both purchases and refinances.

Here’s some of the key aspects of an FHA loan:

• Minimum down payment is 3.5% for all property types
• Can only purchase as a primary residence
• Both an up-front mortgage insurance premium and a monthly mortgage insurance payment are always required. The up-front mortgage insurance premium is typically financed into the loan amount.