FHA loans
FHA mortgages are insured by the Federal Government. They offer good rates, credit score flexibility and low down payments. Mortgage insurance is required with FHA loans but they can be a great option for first time home buyers.
Key Features
Down payments as low as 3.5%
Relativity good rates for buyers with less than perfect credit
More flexible debt-to-income requirements
Max loan amount varies by county ($569,250 in Deschutes County)
FHA loans require an upfront mortgage insurance premium and annual premiums
Can be used for purchase or refinance
Fixed rate and adjustable rate options available
Gift funds for down payments allowed
Seller contributions and lender credits towards closing costs allowed
