FHA Loan Definition
An FHA Loan is a loan option offered through the Federal Housing Administration. This financing option is available for all income levels and allows a co-applicant to help you qualify even though they will not live in the home. An FHA loan may be a good option to consider if you:
- - Expect to buy a lower priced home with a small down-payment
- - Have less cash available up front for the down-payment and closing costs
FHA Loan Features
- Low down-payment options.
- Available for a variety of loan terms.
- Requires mortgage insurance.
- Flexible income, debt, and credit requirements.
- Down-payment and closing costs may come from a gift or grant.
- Available in a variety of fixed-rate and adjustable rate loan options.
You can also visit hud.gov and search "FHA loan" to find out more about this financing option or feel free to contact one of loan officers at Ameris bank with any questions you may have.