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An FHA loan is a loan which is insured through the Federal Housing Administration and requires a very low down payment. This loan is good for families or individuals with low incomes who have no access to the large sums of money required for down payments. Low interest rates and low monthly payments make an FHA loan very appealing.
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Coming up with a down payment can be one of the biggest obstacles for would-be homeowners. Fortunately, there are many down payment assistance programs available. To apply for a home loan using down payment assistance, fill out our short form today.
Some government programs combine FHA loans with down payment assistance. This kind of program generally provides the down payment for families whose combined income does not reach over a certain figure, usually $38,000. In this case, the down payment does not need to be repaid until the house is sold. Also, this kind of loan would be interest free.
Loans insured by the Veterans Administration eliminate the need for down payments. Potential homeowners who have served in the military may be eligible. A VA loan also has low fixed interest rates and low monthly payments.
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