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 - 580
· 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.