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