FHA Home Loans

What are FHA Loans?

Since 1934, FHA loans have helped millions of homebuyers become homeowners. Insured by the Federal Housing Administration (FHA), these loans typically have lower down payments and more flexible credit requirements than non-government-backed loans.

FHA Loans are popular amongst first-time home buyers and those looking for a low money down payment. Whether you are buying your home for the 1st time or are simply interested in a mortgage in general, give Team House a call at 406-551-4016 or email us at [email protected] for mortgage guidance. You can also get started by clicking Prequalify on the link below to see how much home you can afford.

Highlights of an FHA loan:

• As low as 3.5 percent down payment allowed
• Down payment can be gifted from a relative, borrowed from an eligible 401K or provided through an approved state or local program
• Co-signers are allowed (but must be eligible borrowers)
• Seller can contribute up to 6% of the purchase price toward closing costs
• Two types of mortgage insurance (MI) are required:
  • Upfront MI – can be financed into the loan or paid in cash
  • Annual MI – paid monthly as part of the mortgage payment
• Available only for financing a primary residence
• Minimum 580 credit score required with AUS approval
• Loan limits may vary by State/County