The Department of Housing and Urban Development (HUD), through its Federal Housing Administration (FHA), insures a loan called the FHA 203(b) loan. The FHA loan has no pre-payment penalty and no balloon.
Down Payment – 3.5% of contract price – purchase mortgage
Loan Specific Fees – 1.75% up-front funding fee (financed) 0.85 % annual fee (included in payment
Minimum Credit Score – 600
Up-Front Fees – $500 Appraisal Fee
Fairway is not affiliated with any government agencies. These materials are not from HUD or FHA and were not approved by HUD or government agency.