FHA mortgage loans are issued by federally qualified lenders and insured by the U.S. Federal Housing Authority, a division of the U.S. Department of Housing and Urban Development.
Required downpayment is 3.5%.
Property taxes and homeowner's insurance included in monthly payment.
Allows lower credit scores than conventional loans.
Allows the downpayment and all closing costs to come from a gift.
Gifts require very specific documentation; call for details.
Owner occupied only.
Can refinance with lower equity requirements than conventional.
Maximum loan amounts vary per county.
No cash out in state of Texas
Has upfront mortgage insurance which can be financed into loan amount and monthly charge as well.
