FHA Financing up to 96.5 % Loan to Value- “FHA lending has become a very popular loan product in the past 6 years. Federal Housing Administration, or FHA, extends financing to homebuyers for as little as 3.5% down!
This small down payment can be in the form of a gift from a family member, a gift from an employer, an auto equity loan, or simply your checking/savings account. You do not have to be a ‘first time homebuyer in order to obtain another FHA loan, in fact, you can own another home & still be eligible! The seller is even allowed to pay up to 6% towards ‘seller paid closing costs’ on behalf of the buyer. Buyers can obtain a 30, 20, 15 or 10 year terms for their loans on this type of product. Appraisals in Knox County for a FHA loan are $425.00. Our current minimum credit score requirement for FHA is a 600.