An FHA loan is a Federal Housing Administration loan which offers lower credit requirements and lower down payment options than other types of loans. We also provide an FHA Streamline refinance product for homeowners with existing FHA mortgages.
Who is it for?
FHA loans are for people who put down less than a 20% down payment or may not qualify for other types of loans. FHA loan properties must be owner-occupied.
What are the benefits?
With an FHA loan come lower down payments, greater credit allowances, and streamlined refinance benefits.
An FHA loan
is a Federal Housing Administration loan which offers lower credit requirements and lower down payment options than other types of loans.
3.5% down payment on purchase transactions
Down payment may be comprised of all gift funds
Non-occupying co-borrowers allowed
Loans can be used in conjunction with eligible government down payment assistance programs
Non-traditional credit allowed
Property must be owner-occupied
features for homeowners with an existing FHA loan include:
Loans subject to credit and collateral approval. Not all loan programs are available in all states for all loan amounts. Restrictions may apply. Terms and conditions subject to change. Union Bank NMLS ID #539249.