FHA Loan

FHA loans are a type of mortgage insured by the Federal Housing Administration (FHA), part of the U.S. Department of Housing and Urban Development. This type of loan is popular among first-time homebuyers or those with lower credit scores as they offer lower down payment requirements and are more forgiving of credit issues. FHA loans are subject to limits on how much you can borrow, which vary by region.

The loan can be used for various purposes such as purchasing a new home, refinancing an existing mortgage, or repairing and improving a home. FHA loans offer both fixed and adjustable rates and have more flexible qualification requirements compared to conventional loans.