Federal Housing Administration (FHA) financing programs are often appropriate for first-time buyers as they have low down payment options and flexible credit and income guidelines. Credit-worthy borrowers who may not be able to meet conventional mortgage requirements may also benefit from FHA financing programs.

FHA home loans are available in a variety of fixed-rate and adjustable-rate options. Popular FHA financing programs include:

Low Down Payment. Standard loans typically require a 20% down payment of the purchase price; borrowers who choose FHA home loans put down as little as 3.5%. FHA buyers can also use gift funds for the down payment.

Competitive Home Loan Limits. The FHA raised its lending limits in higher-priced markets, meaning prospective homeowners can qualify for FHA financing in areas where the local real estate market has higher-than-average values.

Lower Credit Requirements. A borrower with a limited credit history may qualify for FHA financing. The FHA allows the use of non-traditional items — such as utilities and mobile phone accounts — in place of standard credit accounts typically required for home loans.

FHA Streamline Refinance Program

If you have an existing FHA mortgage, you may benefit from the FHA Streamline Refinance Program. This program allows you to take advantage of lower rates to reduce monthly payments and potentially refinance faster — without the full documentation and appraisal required for a standard refinance home loan.

Contact a Carlyle Financial mortgage banking expert who can review FHA loan programs with you, and help determine if FHA financing is the best option for your new purchase or refinance.

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