FHA loans are a great option for anyone looking to buy a home with little money for a down payment. In general, FHA loans require only a 3% down payment. In addition to the low down payment, there are several aspects of FHA loans that can help you decide if an FHA loan is the best option for you.
The basic FHA loan, 203(b), can be used to finance the purchase of a new or existing, one- to four-family, owner occupied, dwelling. This means that an FHA loan could be used for places such as condominiums, townhouses, duplexes, or traditional homes as long as the residence is being used as the borrowers residence.
There is also a 203(k) loan, which is available to rehabilitate an existing residential dwelling. This loan allows the borrower to receive a loan based on the appraisal of the property with specified improvements. There are a variety of repairs and improvements that could be covered by this type of loan, including replacing floors, tile, carpet, roofing, siding, plumbing, electrical work, major landscaping, and patios. Mortgage payments can be postponed up to six months while repairs are being completed if the residence is uninhabited. Tax or insurance...
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