Every homebuyer has different needs, and home loans aren’t one-size-fits-all. Luckily, FHA Loans are backed by the Federal Housing Administration, so they can offer competitive rates and down payments as low as 3.5%. Buyers who do not have the typical 20% down payment required by conventional loans may find that an FHA loan is a good fit.
Because FHA Loans are backed by the US Government, you may qualify for one even if you can’t get approved for a conventional mortgage.
FHA Loans can have down payments as low as 3.5% as compared to a 20% down payment requirement for some loans. You can see how this could be helpful.
Bumps and bruises on your credit don’t have to hold you back. FHA Loans have options and qualifications to fit many potential buyers.