What Is a FHA Loan?
An FHA loan is backed by the Federal Housing Administration and designed to make homeownership possible for more people. With a down payment as low as 3.5% and more lenient credit guidelines, it’s a strong option for first-time buyers or anyone who may not qualify for a conventional loan.
FHA loans are especially helpful if:
You have a lower credit score
You don’t have 20% to put down
You want easier qualification guidelines