FHA financing

FHA financing is for first time home buyers that have limited down payment funds. Traditional financing typically requires a 10%-20% down payment. FHA online mortgage loans allow a small 3% down payment with the option to wrap the closing costs into the loan. This makes home ownership possible for low to moderate income families. The VA mortgage loan program allows a zero down payment and also carries the option of wrapping the closing costs in. VA financing is only available to veterans and their spouses. Both FHA and VA online mortgage loan programs have maximum purchase limits.