- FHA Loan:
FHA mortgage loans are issued by federally qualified lenders and insured by the U.S. Federal Housing Authority, a division of the U.S. Department of Housing and Urban Development.
FHA loans are an attractive option, especially for first-time homeowners:
- Generally easier to qualify for than conventional loans.
- Lower down payment requirements.
- Cannot exceed statutory loan limits.
- Fixed terms available for 30 and 15 years
- ARM loans available to qualified buyers
- FHA requires strict guidance to the affordability of the home by the buyer and normally allow for past credit issues to be forgiven in many instances.
Learn more about FHA loans. (Department of Housing and Urban Development)