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. Right now only 3.5%.
Cannot exceed statutory loan limits. Based on the County you live in.
Seller can pay up to 6% of your closing costs and prepaids.
Allows family members to "gift" money to you for closing cosrts and down payment.
Your monthly payment includes taxes and home owners insurance.
FHA loans allow you buy a home with the least amount of money "out of pocket" and lowest possible monthly payment payment.
Learn more about FHA loans. (Department of Housing and Urban Development)
