The Federal Housing Administration (FHA) is a program that is insured by the federal government and requires a minimal amount of upfront money for home buyers to attain home ownership. This program has been and will continue to be a viable solution for many First Time Home Buyers. It requires minimum contribution by the buyer or their family member(s) of 3% of the purchase price. This 3% can come from a family member who is willing to assist in this manor. Essentially meaning, that you, the borrower, will have little to nothing to contribute into the purchase of your new home! And with current FHA interest rates in the low 6’s, it makes it a perfect time to consider purchasing your first home!
FHA does not have any buyer income limitations and allows for loan amounts up to $365,000 within the Twin Cities region on one unit properties.
