FHA Loan Benefits & Property Types

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Buying a home is an exciting and, sometimes, perplexing process. Thanks to FHA loan programs, nearly 35 million Americans have become homeowners. FHA loans are a type of mortgage insured by the Federal Housing Administration with less demanding standards and lower down payment requirements. Let Univest help you take advantage of what the market has to offer. 

• Low down payment options
• Available for a variety of loan terms
• Provides options for people with unconventional credit

benefits of a Univest FHA loan

• Available to first-time homebuyers and repeat borrowers
• As little as 3.5% down payment
• Available in a variety of fixed-rate and adjustable-rate loan options
• Flexible income, debt and credit requirements
• No payment reserves required
• 100% gift or grant allowed for down payment and closing costs
• Non-occupying co-borrowers allowed
• Up to 6% seller paid closing costs
• FHA program is available for all income levels

types of properties available to finance with a FHA loan 

When purchasing a home in Pennsylvania, New Jersey, Delaware or Ohio, the following property types are available to finance with a FHA loan from Univest.

• Owner-Occupied, Primary Residences
  • 1-4 Unit Family Properties
  • FHA-Approved Condominiums
  • Modular Homes

how to qualify for an FHA loan?

• At least 18 years of age
• Have steady income with proof of employment
• Minimum credit score of 640