What is a FHA Loan?
An FHA loan is a mortgage issued by an FHA-approved lender and insured by the Federal Housing Administration (FHA). Designed for low-to-moderate income borrowers, FHA loans require lower minimum down payments and credit scores than many conventional loans.
FHA Loan Guidelines 2019
FHA loans are a good option for first-time homebuyers who may not have saved enough for a large down payment. Even borrowers who have suffered from bankruptcy or foreclosures may qualify for an FHA-backed mortgage.
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Frequently Asked Questions
Most frequent questions and answers
Are FHA Loans easy to obtain?
It is commonly said that FHA is easier to qualify for, when compared to conventional or “regular” home loans. There is some truth to this. But you’ll still need to have good credit.
Are FHA loans just for first-time buyers?
People who have owned a house in the past can also use this program, as long as they meet the basic criteria.
Are FHA loans just for low-income borrowers?
No. FHA loans are popular among borrowers with low to moderate income, because it allows for a relatively low down payment. But it’s not limited to this group.
Can my down payment be gifted?
One of the benefits of using an FHA loan to buy a house is that the down payment funds can be gifted by a family member, a friend, or other approved donor.