FHA Loans

Is an FHA Loan Right For You?

An FHA Loan is a government-insured loan that is backed by the Federal Housing Administration (FHA). FHA Loans make homeownership possible for:

• an individual or family with low-to-moderate income
• an individual or family that has limited savings--less than 20% for a down payment or closing costs
• first time home buyers
• current home owners looking to refinance

Summary

FHA Loans have many unique benefits that may make home-buying a reality for you. Some of those benefits include:

• the ability to buy your primary home with a minimal down payment (as low as 3.5%)
• the option to pay for down payment and closing costs with a gift or grant
• flexible income, debt and credit requirements
• the ability to prepay your mortgage without pre-payment penalties

The best way to determine if an FHA loan is the right product for you is to meet with a First Citizens mortgage lender. Make your appointment today!