Buying your first home can be intimidating and confusing, but it doesn’t have to be. Mortgage advisers at The Wood Group of Fairway are here to help, and the FHA loan program is a great place to start.
The FHA loan program is government-insured* and created specifically for first-time homebuyers. FHA loans offer flexible qualification guidelines with a nice list of benefits. The minimum down payment and credit score requirements are lower than conventional loan options.
FHA Eligibility Requirements
FHA eligibility is often perfect for first-time homebuyers since the program was created with you in mind. While it’s not only for first-time buyers, the requirements are appealing.
- Flexible FICO credit score requirements (starting with 600)
- Down payments of only 3.5%
- The home must be your primary residence
Benefits with the FHA Loan Program
The program’s simple requirements are matched with a great set of benefits appealing for all who qualify.
- No minimum income requirements
- Funding available for home repair or improvements
- No prepayment penalties
- Gift funds allowed for the down payment
- Options for seller-paid closing costs
- Fixed- and adjustable-interest rate options available