FHA Home Loans
FHA mortgages put home ownership within reach for many borrowers because this type of loan offers flexible credit requirements and low down payment options. FHA loans are a popular choice with first-time home buyers, but the loan is also available to home buyers who have owned a home before.
What is an FHA Loan?
FHA mortgages offer down payments as low as 3.5% and lower credit score requirements. FHA loans offer these options because the Federal Housing Administration insures FHA loans that are issued by an FHA-approved lender. FHA loans do require mortgage insurance to help protect the lender in the event the borrower defaults on the mortgage.
Who Qualifies for an FHA Loan?
Borrowers who want to finance a home with an FHA loan must meet the FHA’s minimum credit score requirements and have at least a 3.5% down payment. The FHA also provides minimum property standards, and the home must meet those standards in order to qualify. FHA loans are only available for primary residences, so home buyers who want to buy an investment property or a second home can’t finance those types of properties with an FHA loan.
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