• Maximum loan amount is presently $417,000 
• Some of the programs in this group allow for an "interest first/interest only" option
• Most of these program types will require a 5% down payment from your own eligible fund sources
• The Seller can pay between 3% and 6% of the purchase price (determined by your percentage of down payment) towards your closing costs and pre-paid items
• If you have a down payment of less than 20%, Private Mortgage Insurance (also knows as PMI) is generally required 
• For all of these programs, you must be prepared to fully document your employment, income and assets by providing paystubs, your past 2 years W-2s, your past 2 years tax returns, your most recent 2 months of bank statements, etc.  

• Maximum loan amount varies by county or area and is determined annually, by HUD
• A minimum 3% down payment is required
• Gifts from a family member(s) for the down payment is allowed 
• Downpayment Assistance Programs are allowed in some cases
• A more flexible standard for the use of a non-occupant co-borrower to help qualify (i.e., a co-signer) 
• The Seller can pay up to 6% of the purchase price towards your closing costs and pre-paid items
• Can be more forgiving of past credit issues than traditional conventional programs are 
• You must be prepared to fully document your employment, income and assets by providing paystubs, your past 2 years W-2s, your past 2 years tax returns, your most recent 2 months bank statements, etc. 

* The insurance being referred to is known as the MIP or mortgage insurance premium. This insurance is required on all FHA loans and its purpose is to protect the LENDER in the event of default of the loan, by the borrower.