An attractive option, especially for first-time homeowners
FHA mortgages are ideal for those with less-than-optimal credit, little-to-no formal credit history, or limited cash for down payments. Low credit scores may not prevent you from qualifying; however, higher scores could net you lower interest rates.
FHA mortgage loans are issued by federally qualified lenders certified by the U.S. Federal Housing Authority, a division of the U.S. Department of Housing and Urban Development.
- Generally easier to qualify for than conventional loans.
- Lower down payment requirements.
- Cannot exceed statutory loan limits.
These materials are not from HUD or FHA and were not approved by HUD or a government agency.