Do you only have enough for a low down payment?

The Federal Housing Administration (FHA) provides insurances to lenders who offer mortgages to borrowers making low down payments of 3.5% of the sale price.

Features of FHA loans:

• Low down payment with a minimum 3.5% of the sale price
• Easier to qualify than a conventional loan. Low credit score is okay
• Down payments can be 100% gifted
• High fees. Mortgage insurance for the life of the loan
• Generally more expensive than a conventional loan