How to Qualify for FHA Home Loans
Learn all about the benefits of FHA home loans. Find out how to qualify for a FHA loan and
whether it's the right loan for you.
An FHA (Federal Housing Administration) loan is a federally insured mortgage thatís financed through lenders. These loans are unique because they are backed by the government and are available as either a fixed or adjustable rate mortgage.
Because FHA mortgages are federally insured they can also offer the following benefits:
- Lower up-front cash required for a down payment - down payment options as low as 3.5% of the house value
- A relative can provide down payment funds as a gift
- More flexible income and credit requirements
- Sellers can contribute up to 6% of the purchase price as a credit towards your closing costs
- Need more help? A co-applicant can help you qualify even if they do not reside at the home