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