FHA Purchase & Streamline Refinance

Overview

An FHA loan is insured by the Federal Housing Administration. Because the lender has that backing, FHA loans can offer lower down payments and more flexible credit standards than many conventional loans, which makes them a strong option for first time buyers and for buyers who are rebuilding their credit.

FHA purchase

An FHA purchase loan helps you buy a primary residence with a down payment as low as 3.5% for qualified borrowers. Gift funds from family are generally allowed toward the down payment, and credit guidelines are more forgiving than conventional programs.

FHA streamline refinance

If you already have an FHA loan, an FHA streamline refinance lets you refinance with reduced documentation and, in many cases, no new appraisal. It is designed to lower your rate or monthly payment with less paperwork and a faster process.

Key features

• Down payments as low as 3.5% for qualified buyers.
• Flexible credit guidelines.
• Gift funds allowed toward the down payment.
• Streamline refinance option for existing FHA loans with less documentation.

Who it is for

First time buyers, buyers with limited down payment savings, and homeowners with an existing FHA loan who want a simpler path to a lower payment.

What you will typically need

• Income documentation such as pay stubs, W2s, and tax returns.
• Bank and asset statements.
• Photo identification and Social Security number.
• For a streamline refinance, details of your current FHA loan.

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