At The Cooperative Bank of Cape Cod, we understand the need for flexibility, and that is why we offer the FHA loan to help more people achieve the dream of home ownership. This loan is backed by the Federal Housing Administration (FHA) and offers expanded underwriting guidelines and low interest rates to help you buy a home or make your current home more affordable.

FHA Loan Features

  • Low 3.5% down payment for first-time and repeat homebuyers! You do not need to be a first-time homebuyer to buy a home using this loan. In fact, many people who use this loan have owned houses in the past.
  • Low interest rates! We offer low interest rates to increase your buying power and help keep your monthly payment affordable.
  • Mortgage insurance is not determined by your credit score. This keeps mortgage insurance costs lower for customers who don’t have perfect credit. An upfront funding fee is paid directly to the FHA, and most people opt to include this in the amount they borrower rather than paying it out of pocket.
  • Expanded underwriting guidelines help more people qualify. With higher debt to income ratio guidelines and lower credit score requirements, we are helping more people than ever buy homes.
  • Negative credit history can be overcome! If you’ve had a bankruptcy or foreclosure in the past, you may be eligible for this loan if you’ve since re-established your credit. Contact a Coop Loan Officer to learn more!
  • Your down payment and closing costs can come in the form of a gift. The seller can also pay a portion of your closing costs. This can greatly reduce the amount you need to save to buy a home.
  • Non-occupant co-borrowers are permitted. A person who is not going to live in the house can apply with you to help increase your buying power by taking their income, assets, credit and liabilities into account. Most frequently, this is done when borrowers don’t qualify on their own.
  • Minimum property condition requirements will determine whether the home is safe and sound. Our appraiser will determine if there are any property condition issues and, if so, will require they be remedied prior to closing.
  • 1-4 unit homes and eligible condominiums for a primary residence only.

Looking For A Different Type of Home Loan or Account?

We have a variety of options, and we know we have the perfect personal loan for you.