Whatever your goals in homeownership, you can likely find an FHA option to suit: single-family homes, multiple-unit dwellings, condominiums, manufactured homes, and even homes that need repair can be financed through FHA loans.
Let’s look at some of the choices.
Standard FHA Loans
The standard FHA loan offers all of the basic benefits of the program, including low down payments and forgiving credit requirements. These loans are ideal for first-time homebuyers and those with fair to good credit, with competitive interest rates and standard qualification requirements.
FHA 203(k) Renovation Loan
Home buying and home renovation come together in the FHA 203(k) Renovation Loan program. This specialized program allows buyers to roll purchase price and renovation costs into a single mortgage. Make one monthly payment and transform a fixer-upper into the home of your dreams.
Multi-Unit Property FHA Loans
Multi-unit property FHA loans allow buyers to own up to four units as long as they occupy one of them. Those “extra” units can provide rental income while the buyers pay down the mortgages on their own homes, building owner equity.