FHA Loans

The FHA loan program has been around since 1934 and has assisted many people with obtaining their homes. FHA loans only require a 3.5% down payment and qualifying guidelines tend to be geared towards first time homebuyers. More information is available at www.hud.gov.

• FHA Loan Requirements
There are a few property requirements for FHA loans:
The home must be the borrowers primary residence
Loan limit for a single family home is $356,362 and up to $685,400 for a 4 plex (Pima County)
Can be used for site built homes, condominiums, townhomes and manufactured homes

• FHA Loan Fees
FHA is a great loan and works well for some people, but there are fees associated with FHA:
Upfront mortgage insurance premium (this fee is normally financed into the loan)
Monthly mortgage insurance payments (life of the loan)