FHA loans are an attractive option, especially for first-time homeowners in Idaho and Washington, because it is insured by the Federal Housing Administration (FHA). Primarily, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments. Typically the borrower can be approved with 3.5% down vs 20% that is required on other loan programs.
What is a FHA Loan?
A FHA Loan is provided by the Federal Housing Administration and has a lower down payment.
Benefits of FHA Loans
There are many benefits to FHA Loans beyond just a lower down payment.
Credit scores as low as 580
Less stringent Qualifications and Credit requirements
Gift Funds are Allowed
Seller Paid Closing Costs are Allowed up to 6% of the Sales Price
Eligible homes are Single & Multi Family, Manufactured and Condo
Can only be used for as an Owner Occupied home
Little more Flexible on Debt to Income Ratios
FHA Loan Eligibility
FHA Loans have more flexible requirements than a traditional conventional mortgage.
FHA Loan Limits
Different counties have different limits on how much you can borrow for an FHA Loan.
Loan limits vary by county (Kootenai and Spokane County is currently at $294,515)
Get Pre-Approved for a FHA Loan
If you are a first time home buyer, or simply seeking a lower down payment in Idaho or Washington, contact Sabrina Nelke – Premier Mortgage Resources at (208) 277-8627 for more information, or fill out the form on this page.