FHA Loan Definition
An FHA Loan is a loan option offered through the Federal Housing Administration. This financing option is available for all income levels and allows a co-applicant to help you qualify even though they will not live in the home. An FHA loan may be a good option to consider if you:
- - Expect to buy a lower priced home with a small down-payment
- - Have less cash available up front for the down-payment and closing costs
FHA Loan Features
- Low down-payment options.
- Available for a variety of loan terms.
- Requires mortgage insurance.
- Flexible income, debt, and credit requirements.
- Down-payment and closing costs may come from a gift or grant.
- Available in a variety of fixed-rate and adjustable rate loan options.