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FHA Loans

  • An FHA loan is a mortgage insured by the Federal Housing Administration

  • FHA loans only require a minimum of 3.5% down payment

  • This mortgage requires monthly Mortgage Insurance Premium, also known as (MIP) - this is similar to PMI for conventional loans

  • FHA loans typically have lower rates than conventional loans

  • Limited to a loan amount of $271,050 for a one family residence in Michigan

  • The loan can be fixed or adjustable

  • FHA loans can only be used for a primary residence

  • The variety of term options are limited, compared to a conventional platform

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