A Federal Housing Administration (FHA) loan is a government-backed mortgage with more flexible lending requirements than those for conventional loans. FHA loans have historically allowed buyers to borrow money for the purchase of a home that they may not otherwise be able to afford.
3.5% down payment required (may be gift funds)
Up-front Mortgage Insurance Premium can be financed into the loan or paid at closing
Owner occupied, one unit, primary residence (condos must be FHA approved)
Seller can contribute up to 6% financing concession
Minimum credit score of 640
Minimum loan amount of $50,000 if credit score is below 660
Non-occupant co-borrowers allowed
No income limitations
Maximum loan amounts based on county as set by FHA
Subject to credit and underwriting approval. No manufactured homes are allowed.
Available to Indiana and Kentucky Residents.