FHA Home Loan Program
Here we identify all the available loan programs. Some of them will not apply to you and some of them will. Our goal is to make you aware of your options.
FHA 203B:
This program offers the easiest qualifications to get financing. Lenders go down to a 500 credit score on this program. If your credit score is below 640 a 3.5% down payment will be required. You can get the down payment from family, savings, tax refund. Can be used for basically any type of home urban or rural. No income cap. Loan limit is usually around $271k.
FHA 203B Down Payment Assistance
You can compare this program to the USDA 502 Guaranteed loan. With a 640 or better credit score you can take advantage of this $0 down program. The benefit here is that you can buy a home in an urban area, like a big city. This is the one major advantage over USDA.
FHA 203K Loan:
This program is designed for folks wanting to make repairs or renovations to their existing home or a home they are buying. For instance, lets say you want to buy a home but it needs a lot of work to make it suitable for your needs. For example, house needs roof, flooring, appliances, and furnace. With this program you can get cash back for these items. The amount you want for the renovations is added into your loan. For instance, if the home is $100k and the renovations are $20k, your loan will be for $120k.
FHA $100 Down:
This program is designed for homes that are FHA owned foreclosures. The FHA offers a special deal where the down payment is $100. It has to be a HUD owned foreclosed property. It can be for a single family home or a mobile home. Can only be used for primary occupancy.
FHA Mobile Home Loan:
This program is designed for financing for any type of prefabricated home. It can be used for double wide mobile homes, manufactured homes, and modular homes. Here are some of the guidelines: 3.5% down payment required. Must be on a secure FHA approved foundation. Cannot have been moved more than one time from original location. Unit has to be built after 1978.