FHA Loans

Opening doors with low down payments and flexible options

The Federal Housing Administration (FHA) loan program was launched in the 1930s as a way to make home ownership more accessible to Americans. Nearly a century later, it remains popular – and it's easy to see why. The program eliminates many of the financial hurdles that stand between typical families and their dream home. Our Ideal CU lenders can help you figure out if you qualify.

• Ideal for first-time homebuyers, individuals with lower credit scores, or those who may not have the funds for a large down payment
• Down payments as low as 3.5%, compared to 10% or 20% for many traditional mortgages
• You're permitted to accept gift funds from family or friends for down payment and closing costs – that's not the case with traditional mortgages
• Competitive interest rates keep your monthly payments budget-friendly
• Relaxed credit guidelines mean you can qualify even if you've had some financial challenges 
• Fixed-rate and adjustable-rate loans available – as well as loan lengths up to 30 years - giving you the flexibility to get a loan that fits with your finances
• Like many other loan programs, the FHA offers refinancing options that may be able to reduce your interest charges or monthly payments.

Ideal Credit Union can make buying your Minnesota dream home a reality with the right mortgage loan. Our mortgage lenders are ready to assist you.