The Federal Housing Administration (FHA), which is part of the U.S. Dept. of Housing and Urban Development (HUD), administers various mortgage loan programs. FHA loans have lower down payments requirements and are easier to qualify than conventional loans.
Why should you choose an FHA loan?
There are many advantageous reasons to choose an FHA loan, especially if one or more of the following apply to you:
If you’re a first time homebuyer
If you do not have a lot of money to put down on a house
If you want to keep your monthly payments as low as possible
If you’re worried about your monthly payments going up
If you’re worried about qualifying
If your credit is not perfect
If you’re worried about falling behind on your payments
An FHA loan offers many benefits and protections that you may not find in other loans. If any of the above describes you, then an FHA loan may be right for you.