Program: FHA 203(b) Loan
Detail Verified 1/30/2020 - Last Updated 3/21/2014
A standard fixed rate loan for 1-4 family owner occupied houses with 3.5% down payment.
Loan limits apply. Check area eligibility.
Who is Eligible for this Program?
Anyone intending to use the mortgaged property as their primary residence is eligible to apply and be considered for an Federal Housing Administration (FHA) insured mortgage through Federal Housing Administration (FHA)-approved lenders.
Loan limits apply.
Funds can be used for purchase or refinance.
Is this program for first time buyers only?: No
Property Eligibility Requirements
Area listed by state, county and metropolitan statistical area.
The sales price cannot exceed $Note: Mortgage amount is established per area by State and County. For maximum loan amounts, please see https://entp.hud.gov/idapp/html/hicostlook.cfm.
Allowable property types: Single family, 1 to 4 units
Program allows buyers who might not qualify for a home loan to obtain one because the risk is removed from the lender by the Federal Housing Administration (FHA) who insures the loan for the lender.
Benefit: Borrowers with less than perfect credit can purchase or refinance. Federal Housing Administration (FHA) loans assumable. Mortgage Insurance is required but Federal Housing Administration (FHA) Mortgage Insurance is lowest in cost vs. Convential MI.
Loan Term: 30 years
Homebuyer Counseling / Education Required: No
Owner Occupancy Required: Yes