Las Vegas FHA Home Mortgage LoanFHA Loans are insured by the federal government so that in case the borrower defaults, the lender funding your loan will be repaid through government insurance. The benefits to you for having an FHA-insured loan:
- A small 3.5% downpayment requirement for purchases & no reserves are required. Meaning, if you meet all other requirements, you won’t need to prove that sufficient funds to close have been sitting in your bank account for the last 60 days.
- FHA allows some or all of your down payment monies to be gifted from a family member. These funds cannot be a loan.
- The seller is allowed to contribute up to 6% of the purchase price to pay towards your closing costs.
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