When first considering buying a house, the minimum down payment can be a deal-breaker for some people’s financial situation. Even for someone who can afford the mortgage payments in the long run, coming up with that big of an amount of money can be nearly impossible. Luckily, for people who don’t have enough savings or don’t meet other criteria usually required by other loans, such as higher credit scores, there is now a solution. FHA loans provide first-time homebuyers with the opportunity to purchase a house under looser financial requirements. 

An FHA loan is a type of loan insured by the Federal Housing Administration, under the Department of Housing and Urban Development. Since these loans are government-backed, the lender is protected in

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