FHA
Down payment 2.25% (borrower's investment into transaction must be at least 3%)
All funds on the transaction can be a gift from family member
Seller can contribute up to 6%
Must be Owner Occupied
Single family residences, PUDs, and Condos (Condo must be FHA approved)
Can be run through LP or DU or Manually Underwritten
SFRs require Upfront MIP and monthly MIP; Condos only monthly MIP
No reserves required after closing costs
No minimum credit score
Maximum loan amount determined by County
Front and back end ratios are less strict than conventional