Is FHA Right for You?
Choosing the right loan program is essential when buying a home. The Federal Housing Administration (FHA) offers government-backed loans that make homeownership more accessible for prospective buyers that may not qualify for conventional financing. 

Why Choose FHA?
Before deciding on what type of loan works best for you, it’s important to sit down with a qualified mortgage professional to review all your options. Here are the top reasons to choose FHA.
Low Down Payment and Credit Requirements – A down payment of only 3.5% is required for borrowers that have a credit score of 580 or higher. If the credit score is between 500 and 579, a 10% down payment is required.
Flexible Debt-to-Income (DTI) Requirements – FHA loans often have more flexible underwriting requirements, which can be helpful if you have a higher debt-to-income ratio or unusual sources of income.
Gift Money Accepted for Down Payment – The entire down payment can be made with gift money. This can come from family members, an employer, a close friend with a documented relationship, or a charitable organization. 
FHA Loans Are Assumable – If you decide to sell your home in the future, the loan is assumable. That means your buyer can get the same interest rate you currently have. This can be a great perk if interest rates have gone up. 

It is important to know that most FHA loans carry a one-time upfront mortgage insurance premium (UFMIP), typically 1.75% of the loan amount. This fee can be paid at closing, but is more often rolled into the loan amount.
Additionally, FHA requires a mortgage insurance premium (MIP) which is calculated as part of the monthly mortgage payment. This may balance out in terms of monthly payment, if the FHA loan offers a lower interest rate.
I strongly suggest a full loan analysis to compare what options are available, and consider the pros and cons of each. My team and I are here to help, if you – or your friends and family – are ready to buy a home!