FEDERAL HOUSING ADMINISTRATION (FHA) LOANS

A loan insured with FHA (please see “FHA Mortgage Insurance” for more information about the FHA insurance program) may be a viable option for someone who does not meet the program requirements for a conventional financing (please see “Conventional Financing”), but who still has the ability and the desire to own a home. The FHA single-family insurance program is designed to help low- and moderate-income and first-time home buyers to finance a home who may not otherwise be able to afford one.

FHA program guidelines permit down payments as low as three percent of the purchase price (as opposed to at least five percent on most conventional financing). FHA programs limit the type of fees that borrowers may be charged, and allows borrowers to finance the remaining fees, within certain limits.

The main limitations on the availability of FHA loan programs are the local and regional loan amount limits that FHA imposes. CTX Mortgage Company is an approved FHA lender. Please contact your CTX loan officer to see if an FHA loan is right for you.

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