The Federal Housing Administration (FHA) helps home buyers by offering federal insured loans. This means that if the buyer defaults, the lender will still get their money. It encourages lenders to work with buyers regardless of their credit or available down payment. The Department of Housing and Urban Development (HUD) also offers assistance programs to home buyers.
FHA loans allow individuals who may not qualify for a conventional mortgage to obtain a loan, especially first time home buyers. These loans offer low minimum down payments, reasonable credit expectations, and flexible income requirements.
FHA loans allow individuals who may not qualify for a conventional mortgage to obtain a loan, especially first time home buyers. These loans offer low minimum down payments, reasonable credit expectations, and flexible income requirements.