FHA loans – Low Down Payment
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Because FHA loans are insured by the government, they have easier credit qualifying guidelines than most lenders, as well as relatively low closing costs and down payment requirements.
What is the minimum down payment on an FHA loan?
With an FHA loan, your down payment can be as low as 3.5% of the purchase price And closing costs can be bundled with the loan. In other words, you don’t need much cash to close.
In fact, gift funds can be used for 100% of the borrower’s closing costs and down payment, making them a truly affordable option for an individual with little cash on hand.
You can get an FHA loan with zero down?
Technically no, you still need to provide 3.5% down. But if the 3.5% is gifted by an acceptable donor, it’s effectively zero down for the borrower.