FHA Loan
Federal Housing Administration mortgages have flexible lending standards to benefit many buyers.
- First-Time Buyers
- 3.5% down-payment
- Maximum loan in the St. Louis Area currently $271,050
- Borrowers with lower credit scores
- Allows for lower down-payments
- Down-payment can be grants, gift funds or even borrowed from retirement funds (such as 401K Plans)
An FHA insured loan is a loan backed by the U.S. Department of Housing and Urban Development (HUD) for buyers across the county. FHA home loans are a viable option for many first time home buyers, although it is not restricted to people buying their first home! An FHA loan can also be approved even if you have a less than perfect credit or a lower credit score, have declared bankruptcy, or even require a co-signer. Another benefit of FHA financing is the liberal Debt-To-Income ratios.