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What is an FHA Loan? What You Need to Know About FHA Loans

Government insured FHA Loans can make it easier to refinance.

FHA loans are mortgages that are insured by the Federal Housing Administration. In short, the government is essentially guaranteeing it will pay the mortgage if the borrower cannot. These loans have become very popular with first-time homebuyers because they require a lower down payment than traditional mortgages—usually just 3.5%! Plus, qualifying for an FHA loan is also often easier than qualifying for a conventional mortgage. With less restrictive requirements, these loans are a good option for homebuyers and homeowners alike.

fha insured loans


They may be ideal for you if you:
  • Have excellent credit but have as little as 3.5% cash to put toward a down payment
  • Have a less-than-perfect credit rating
  • Have a debt-to-income (DTI) ratio acceptable to the FHA
  • Are planning on buying a low-priced home
  • Have been given a financial gift to use toward buying a house
  • Are a first-time homebuyer

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