Federal Housing Administration (FHA) loans provide unique options and benefits to homebuyers. Here are some situations where an FHA loan can help your client purchase a single-family primary residence.
Your client wants to put less down.
FHA loans are available with a minimum 3.5% down payment.
Your client has less-than-perfect credit.
FHA loans provide greater credit flexibility with credit scores as low as 580.*
Your client does not have a lot in savings.
FHA loans may not require reserves or documented funds from the buyer after the close.**
Your client wishes to seek seller concessions.
The FHA lets sellers, or other interested third parties, pay a maximum of 6% of the sale price toward any closing costs.