Because of the low down payment requirement, the FHA mortgage program can be an excellent alternative for first-time home buyers.
To be eligible for an FHA loan, borrowers must meet the following lending guidelines: FICO score of 500 to 579 with 10 percent down or a FICO score of 580 or higher with 3.5 percent down.
Fha Gift Of Equity Rules Fha Construction Loan Lender The FHA construction loan program has several advantages however there are some downsides as with all loan programs. The FHA insures mortgages for banks and lenders which allows for flexible credit guidelines however it does come as a cost.Average Fha Mortgage Rates Fha 203(B) In the words of the federal housing administration, the purpose of the FHA 203(b) loan is to "provide mortgage insurance for a person to purchase or refinance a principal residence. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, savings and loan association and the mortgage is insured by HUD."