Federal Housing
Administration (FHA)
Loan: Requirements,
Limits, How to Qualify
What Is a Federal Housing
Administration (FHA) Loan?
An FHA loan is a government-backed mortgage designed for
low-to-moderate-income borrowers. It offers lenient credit
requirements, low down payments, and competitive interest
rates.
How Does an FHA Loan Work?
Borrowers apply through FHA-approved lenders. The FHA insures
the loan, reducing risk for lenders and enabling more flexible
terms for applicants.
History of the FHA Loan
Introduced in 1934, FHA loans were created during the Great
Depression to boost homeownership and stabilize the housing
market. Working with an FHA loan broker can streamline the
process.
Other Types of FHA Loans
FHA loans include 203(k) for renovations, HECM for seniors, and
energy-efficient mortgages. An FHA loan broker can help
determine which type best suits your needs.
What Are FHA Loan Requirements?
Applicants need a minimum 580 credit score, a 3.5% down
payment, and consistent income. Properties must meet FHA safety
standards.
Thank You
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