First-time home buyers, single borrowers, individuals who don’t have 20% to put down on a conventional mortgage, or those with less than perfect credit could be good candidates for FHA loans.
About the Program
FHA loans have been helping people become homeowners since 1934. The Federal Housing Administration (FHA) does not issue or guarantee mortgages. Instead, they ensure the loans for the lender, enabling lenders to give buyers a better deal by taking on less risk.
Low minimum down payment, only 3.5%
Flexible income and credit requirement
Lower closing costs
Can be used with down payment assistance
FHA Loan Limits
There are limits to the amount of money you can borrow with an FHA mortgage. FHA loan limits are adjusted annually, and you can search to see what the current limit is in your county here.