The Federal Housing Administration (FHA) Footnote 1 and the U.S. Department of Veterans Affairs (VA) Footnote 2 offer government mortgage loans that have features (such as low down payment options and flexible credit and income guidelines) that may make them easier for first-time homebuyers to obtain.
Fha Rehab Loan Limits 203k loans, like FHA loans are only for borrowers who intend to occupy the property as their primary residence. First-time homebuyers can qualify, Investors do not. credit score requirements. Because rehab loans provide borrowers with additional cash over and beyond the purchase price of the home, it’s considered a risky loan.203K Fha Loan Lenders They are probably the most important factor in a lender’s decision to approve a loan and on the terms of the loan. because their goal is to combat credit discrimination (for the FHA and the HMDA).All FHA loans, including 203(k)s, require you to pay mortgage insurance for a minimum of 11 years, and usually for the entire length of the loan. This could raise your monthly payments higher than.