FHA – First Colony Mortgage
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FHA

Loan terms: 15, & 30 year loans
Loan types: Purchase, Refinance
Interest Rate Types: Fixed, Adjustable
Property Type: Primary Residence

This is a HUD or government insured loan that allows buyers to purchase a home for only 3.5% down. The FHA loan has maximum loan limits for each county which are significantly lower than conventional limits (search your county limits here). An FHA loan is excellent for someone who has less money to put down, and someone who has higher debt-to-income ratios, or someone whose credit is less than perfect.

  • Only 3.5% down
  • Flexible qualification guidelines
  • Debt-to-income ratio as high as 55%
  • Requires up-front & monthly mortgage insurance (MI)
  • Maximum loan limits vary by county
  • MI required for the entire life of the loan
  • Allows for no cost, no qualifying “streamline” refinance

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