FHA loans are mortgages that you can apply for to allow you to purchase a house with 3.5% down. In other words on a $200,000 home you would need just $7000. On a $100,000 home you would need just $3500. The down payment can be a gift.
Often times the seller can credit you for the closing costs so all you need is the down payment. FHA is a bit more lenient as far as underwriting than a conventional mortgage. FHA is very popular because with conventional financing you need larger down payments and perfect credit. To learn about FHA financing and how it may be the right loan for you contact me at 414-224-4732 or 414-416-9194.
An Equal Housing Lender
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