A FHA loan is mortgage loan available as fixed or adjustable rate programs and insured by the U.S. Department of Housing and Urban Development.
The FHA loan program is designed to make housing more affordable, particularly for first-time homebuyers.
While there are limits to the size of a FHA loan, they are generous enough to handle moderate-priced homes almost anywhere in the country.
Appraisals for a FHA Loan may contain more repair requirements than conventional loans.
Best For:
- Low down payments
- Flexible qualification guidelines
- Fixed-rate and ARM options
Borrower(s) Qualifications:
- Borrowers that have limited funds for a down payment
- Borrowers who lack an established credit history or have experienced credit challenges in the past
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