FHA Loan
- 3.5% minimum down payment requirement
- Upfront Mortgage Insurance premium financed into the loan
- Condominiums must be on FHA approved list or FHA single unit spot approval
- No income limits
- Seller concessions up to 6% of sales price
- Gifts allowed toward down payment
An FHA insured loan is a US Federal Housing Administration mortgage insurance backed mortgage loan that is provided by an FHA-approved lender. FHA mortgage insurance protects lenders against losses.
