FHA loans are backed by the government through mortgage insurance that is funded into the loan itself. At Customers Bank, a 30-year FHA loan can bring home ownership into reach for buyers who may have challenges getting approved for a conventional mortgage. FHA mortgage loans are ideal for first-time home buyers or those who are looking to refinance their home.
Features and Benefits
- Minimum credit score of 620
- Minimum down payment of 3.5%
- Maximum borrowing limit from $314,827 (single unit) up to $605,525 (four unit) with higher limits available in certain high cost areas
- Loan-to-Value maximum is 96.5%
- Private mortgage insurance (PMI) is required
- Free qualification and personalized service
- Competitive rates (fixed or adjustable)
- Local decision making with fast approvals
- Friendly, federally licensed mortgage consultants
- Available in: PA, NY, NJ, CT, DC, DE, MA, RI and VA
Ready to get started? Contact one of our mortgage professionals who will help find the right loan for you.