FHA – 30 Year Term

Federal Housing Administration FHA might be just what you need! They are easier to qualify for since they are insured by the federal government. Requirements (employment, assets, credit) for these loans are generally more lenient and the program allows lower credit scores than conventional loans.

Your down payment can be as low as 3.5% of the purchase price. The best part is you generally get a better interest rate than traditional mortgages because of government backing.