FHA Loan Program
The FHA Loan Program is one of the most flexible solutions for borrowers with low down payments or challenged credit.
One of the key benefits of an FHA purchase mortgage is that they allow for non-occupant and co-borrowers, as well as gifts from family members for down payments. The FHA Loan Program is overseen by the U.S. Department of Housing and Development (HUD). These FHA loans require a monthly Mortgage Insurance payment, and an upfront Mortgage Insurance Premium (MIP). The MIP is mandatory.
An FHA Loan allows up to 96.5% financing.
This, along with the somewhat less restrictive guidelines make a great choice for borrows of all types. Contact Bank of England Mortgage Division Financial Group to see if an FHA Loan is the right option for you today!