FHA Loans Are For Those Who Need A Lower Down Payment
FHA has a number of loan programs to promote home ownership. FHA mortgage loans require a minimum 3.5% down payment, which is based on the lesser of the purchase price or adjusted value of the property you are purchasing.
It is important to know that your credit history will play an important part in determining your down payment in some cases; borrowers who have lower credit scores may be required to pay more down as a compensating factor. FHA FICO score standards include 3.5% down for borrowers with FICO scores of 580 or higher. Lender standards may be different-but not lower-than FHA minimums.
Always speak to your local lender for details on all available mortgage programs.