FHA Home Loans
FHA home loans are backed by the U.S. Federal Housing Administration, part of the U.S. Department of Housing and Urban Development and was designed for borrowers who are unable to make large down payments. Because of FHA backing, lenders are willing to consider mortgage loans in cases they would otherwise be unwilling to approve. FHA loans bring home-ownership into reach for buyers who might have a difficult time getting approved with conventional lenders. Loan limits apply and will vary based on property location.
Benefits of FHA Home Loans
- Easier to buy property
- Down payment can be as low as 3.5%
- Get approved with minor credit problems
- Purchase single-family homes, condos, multi-unit properties, and manufactured homes with FHA backing
- No minimum income is required
- Low-credit borrowers can still qualify