If you’re a first time homebuyer, with limited down payment, an FHA loan may be the best fit for your needs. FHA is an alternative to conventional financing and provides flexibility for homebuyers.
Low 3.5% down payment
The entire 3.5% down payment can be 100% gifted from parents, relatives, or an employer
FHA allows seller to give up to 6% of the home’s purchase price to an FHA buyer to pay closing costs
Qualify for FHA loan with a lower credit score than other loan programs because it is government-based
Limited equity for refinancing? This may also be an option for borrowers with little restrictions