Backed by the Federal Housing Administration, FHA mortgages are ideal for those with less-than-optimal credit, little credit history, or limited cash for down payments.
Low credit scores may not prevent you from qualifying; however, higher scores could net you lower interest rates.
- Enjoy down payments as low as 3.5% of home’s purchase price
- Qualify for FHA loans even without a long credit history
- No maximum income limitation
- No prepayment penalty