Why Should You Choose an FHA Loan?
- It is Easier to Qualify for an FHA loan because FHA insures your mortgage. Because of this most lenders are more willing to give loans with lower requirements and qualifications because if you are late or cannot make a payment FHA pays the lender so they are guaranteed. This makes it easier for you to qualify for a loan.
- It Doesn't Matter if Your Credit is Less Than Perfect, you can still qualify for an FHA loan more easily than a conventional loan.
- There is a Low Down payment of 3% for an FHA loan. The best part is that, unlike other loans, FHA loans allow this down payment to come from someone other than you such as a family member, employer or a charitable organization.
- FHA Loans Cost Less than Conventional Loans because they are insured by the Federal Government, which in turn gives you a more competitive rate.
- FHA Loans can Help You Keep Your Home. The FHA is made to protect you and has many options to choose from if you ever run into trouble. Visit the HUD for more information on how to avoid foreclosure.
Return back to the FHA Mortgage Center home or the FHA Lending Guide.