The minimum down payment for an FHA home mortgage is only 3.5%. That means if you’re purchasing a home for $175,000, you only need a little over $6,000 for your down payment.
Credit score plays a huge part in the type of home loan you qualify for and the rates you’re eligible for. FHA loans offer some of the lowest credit requirements of any loan.
Some loans require the borrower to cover all of these associated costs. Good news. With FHA loans home sellers, builders, and lenders are able to pay some of these costs.