FHA Mortgages
Making homeownership accessible for decades
FHA loans are especially popular with first time, lower-income, and/or lower-credit home buyers, thanks to their flexibility and low rates.
FHA Mortgages
An FHA loan is a mortgage insured by the Federal Housing Administration. FHA insurance protects mortgage lenders, allowing them to offer loans with below-average interest rates, easier credit requirements, and low down payments (starting at just 3.5%).
FHA loans are especially popular with first time, lower-income, and/or lower-credit home buyers, thanks to their flexibility and low rates.
But FHA financing isn’t limited to a certain type of buyer — anyone can apply.
Pros of FHA mortgages
Minimum 3.5% down payment
Relaxed credit score requirements
Low monthly mortgage insurance
Cons of FHA mortgages
PMI is not cancelable
Many condos are not approved
Owner-occupied only
Loan limits based on region
Who should get one?
If you need a home loan but are worried about poor credit or having to make a large down payment, consider an FHA loan.