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Get a free quote on a 3.5% down FHA loan
FHA loans are a great option for first-time homebuyers, but you don't need to be a first-time buyer in order to qualify. The flexibility provided by FHA loans makes them ideal for homebuyers of all types. FHA loans only require a 3.5% down payment and borrowers only need to have a minimum credit score of 580 or higher. Buyers can qualify for a loan despite having a higher debt to income ratio by having a steady employment history and can also receive money from FHA to cover closing costs.
FHA loans can be used to buy different property types. As a buyer, you have the ability to purchase a 1-4 unit property as long as you occupy at least one unit as your primary residence. You can obtain an FHA mortgage for a loan amount up to $562,350 for a 1 unit property and up to $1,081,450 for a 4 unit property. To account for rising home prices, FHA loan limits are adjusted by HUD.GOV on an annual basis.
Benefits of applying for an FHA loan include:
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