What are FHA loans?
FHA loans are mortgages that are insured by the Federal Housing Administration, so lenders like Columbia can offer a better deal. Columbia offers a 30-year fixed FHA loan.
Who benefits from FHA loans?
FHA mortgage loans are especially beneficial for first-time home buyers, people who can't afford a conventional down payment or can't qualify for private mortgage insurance (PMI).
FHA insurance premiums may be slightly higher than PMI, and fewer term choices are available, so it's wise to weigh your options if you can meet conventional loan requirements. Attentively guiding members through the process and teaching first-time buyers is our home loan experts' favorite part of their job. So ask us to help!
Less up-front funds needed
Coming up with a down payment is easier with an FHA loan!
- Down payments as low as 3.5 percent of your purchase price
- Gift funds accepted for 100 percent of the down payment (relatives can help you!)
Flexible qualifications
FHA loans are open to anyone who meets FHA credit qualifications, which are more flexible than those for conventional loans. For more information about qualifications, contact our home loans experts.
- Non-traditional credit, like rental history and references may be used
- No income limits
- Available on 1-4 unit properties
- Borrow up to $417,000
Competitive rates
FHA loan rates tend to be very close to conventional rates. Use our mortgage estimate calculator to view current FHA rates, closings costs and payments.
Get Started Today
Call 360.891.4128 or schedule an in-person appointment by clicking the button below.
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