FHA Loans
Real Estate Experts
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Lower Down Payment:
Often requires as little as 3.5% down, making it affordable for those without a large savings.
Flexible Credit Requirements:
FHA loans are generally available to those with credit scores as low as 580, sometimes even lower, though a higher down payment may be required for lower scores.
Mortgage Insurance:
FHA loans require both an upfront mortgage insurance premium and a monthly premium. This insurance protects lenders in case of default.
Loan Limits:
FHA loans have maximum loan limits that vary by location to ensure they fit the local housing market.
THDA Loans
Real Estate Experts
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Down Payment Assistance:
THDA offers down payment and closing cost assistance, which can make homeownership achievable even for buyers with minimal initial savings.
Eligibility Requirements:
THDA loans often have income limits and purchase price caps, which vary by county and are adjusted to target those in the low- to moderate-income range.
Fixed Interest Rates:
THDA loans offer fixed interest rates, providing stability and predictability in monthly payments.
First-Time Homebuyer Focus:
While THDA loans target first-time buyers, they also accommodate people who haven't owned a home within the last three years, and certain exceptions may apply.
