FHA Loans

LOAN OPTIONS

FHA Loans

Aerial view of a neighborhood
Aerial view of a neighborhood

LOAN OPTIONS

FHA Loans

As Low as 3.5% Down Payment

 

If you want to purchase a home but do not have the funds for a large down payment, FHA may be the best option for you.

Federal Housing Administration (FHA) loans are federally-backed mortgages with lower down payments and have more flexible approval requirements than some conventional loans. With FHA loans, your down payment can come from savings, a financial gift from a family member, or a grant for down-payment assistance. In order to secure the guarantee of the FHA, homebuyers that qualify for an FHA loan are also required to purchase mortgage insurance, and premium payments are made to FHA.

Features of FHA Mortgages*

  • Low down payment options
  • Less restrictive credit requirements
  • No first time homebuyer restrictions
  • Up to 6% seller paid closing costs
  • Gift funds are allowed
  • Purchase, Refinance, New Construction & Renovation options
  • No income limits
  • Higher debt-to-income ratio than other programs
  • Single-Family & Condos, Primary Residence only
  • Lower mortgage insurance premium than private mortgage insurance

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*United Bank is not endorsed by, sponsored by, or affiliated with any government agency or program.
United Bank is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age (provided you have the capacity to enter into a binding contract), because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. The federal agency that administers our compliance with these federal laws is the Federal Reserve, Federal Reserve Consumer Help, PO Box 1200, Minneapolis, MN 55480.
This is not a commitment to lend. Mortgage products and services are offered through United Bank. All loan applications are subject to credit and property approval and must meet loan program requirements to qualify. Annual Percentage Rate (APR), programs, rates, fees, closing costs, terms and conditions are subject to change without notice and may vary depending upon credit history and transaction specifics. Other closing costs may be necessary. Flood and/or property hazard insurance may be required.  Speak with a Mortgage Loan Officer for more specific information.
United Bank and its representatives do not provide tax or legal advice. You should consult your individual tax or legal professional before taking any action that may have tax or legal consequences.