The FHA’s mission encourages home ownership and provides affordable housing opportunities with low down payment and flexible credit requirements.

FHA Loan Type Highlights:

1. Section 203(b) Purchase or Refinance
2. 1-4 unit residential properties are eligible
3. flexible credit requirements (At iServe, scores as low as 600 are possible)
4. 3.5% down payment allowed
5. Primary program for property rehabilitation
6. Encourages community and neighborhood revitalization
7. Only 1 mortgage loan is used for both the acquisition and the renovation
8. 1-4 unit properties including condominiums are eligible

FHA programs go beyond the scope of the listed programs. FHA offers a Streamline Refinance as well as a Streamline 203(k) for limited repairs. When looking for a loan program to fit your specific needs, take a look at FHA as their programs have become more attractive to consumers due to their flexibility with lower down payments and lower credit qualifying.