- The IFA loan is designed for first-time homebuyers
- To qualify as a first-time homebuyer, you must not have a home ownership interest in a primary residence in the previous three years
- The interest rate is a fixed rate; view the current IFA rate.
- The term must be for 25 or 30 years
- The maximum sales price is $200,000
- The maximum income limit for a family of three is $66,298
- The minimum down payment required is normally no more than five percent
- The borrower does not have to pay an origination fee or any discount fees
Find a Mortgage Loan Officer in your area to have all your mortgage questions answered by an expert!