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We get this question a lot, and with the ever-growing popularity and flexibility of FHA first mortgages we thought we'd shed some light on how.
FHA loans are the main option for home buyers with bad credit. If you have a 500-579 credit score you can qualify with 10% down. If your score is 580 or above you can qualify with just 3.5% down. While you need 3.5% down for FHA, they do allow 100% of the down payment to be a gift.
Purchase or refinance your home with an FHA loan. You can get one with a down payment as low as 3.5%. Browse through our frequent homebuyer questions to learn the ins and outs of this government backed loan program.
These programs can also be found on your local city, or county website. While FHA loans are not a zero down mortgage program, they will allow 100% of the.