Lower credit score, less money down
Insured by the Federal Housing Administration, FHA loans are government-assisted mortgage programs that help low income borrowers easily obtain a mortgage. They are a quick and easy alternative to conventional financing and are one of the best options for low-to-moderate income homebuyers who do not have a perfect credit score or are looking to spend less money down.
Highlights
Ideal For
Highlights
- Available at a minimum FICO® Score of 580
- Low down payment required. You can put as low as 3.5% down
- Does not require an appraisal on a streamlined refinance
- Adjustable and fixed-rate loans available for 15- to 30-year terms
Ideal For
- Borrowers with little cash reserves
- Homebuyers who have less-than-ideal credit
- Low-to-moderate income borrowers who do not qualify for conventional loans
