FHA loans are government-backed loans designed for people who:
- Need more flexible credit and qualification requirements
- Have less cash available for a down payment
FHA Loans are backed by the Federal Housing Administration (FHA), under the Department of Housing and Urban Development (HUD). Spending limits with an FHA Loan are pre-set. The loan amounts are set by the median prices of a home in different cities within a particular area. The difference in loan amounts between rural and densely populated areas can vary by several hundred thousand dollars.
If you are interested in a home loan but are hoping to avoid a large down payment, a FHA Loan may be right for you.
We represent over 15 different lenders and will shop for the best lender and rate for you and your financial situation so you don’t have to. Contact us today to speak with an expert Mortgage Planner and see if a FHA Loan is right for you.