With an FHA loan, the minimum down payment is a low 3.5% of the purchase price, making this an affordable option for those wanting to purchase or refinance a home with little cash down.  These loans are insured by the Federal Housing Authority through the Department of Housing & Urban Development (HUD) and often carry interest rates that are lower than non-FHA alternatives.  Check with our Mortgage Team to find out if this loan meets your needs best!

• Minimum down payment of 3.5%.
• Available in 15 or 30 year fixed terms.
• Available for purchase or refinance.
• Refinancing available both with and without cash out.
• First-time homebuyer and existing homeowners are eligible.
• Loan amounts are limited by county.  For example, the maximum FHA loan amount for a single family home, condominium or townhouse located in Monroe County is $271,050.  If you are interested in other counties take a look at this page from HUD to find out what the maximum loan amount would be for that area.
• Available for owner-occupied single family homes, condominiums and townhomes located in New York.
• Condominium properties must be on FHA’s Approved Condominium list.  Our team can research to see if yours is on a list and that it has not expired!
• Family First does not currently service FHA loans in which it arranges for.

FHA loans do require an upfront mortgage insurance premium and a monthly premium, unlike other conventional loans, but the amount of the upfront premium may be financed into the loan.