An FHA loan may be useful for those homeowners who are not currently able to put down 10 to 20 percent on a home purchase. As it is insured by the FHA, lenders are more willing to approve a mortgage loan for individuals who might not be approved for a conventional loan. If a homeowner can put down 3.5 percent, they may be able to finally own their own home. This is one of many mortgage loan products available for prospective homeowners.
Learn more about an FHA loan and get answers to initial questions about this mortgage product today.
Who May Be Eligible for an FHA Loan?
Applicants have to be a lawful resident of the United States and be considered of legal age to sign for a mortgage loan. This age can vary by state, but a local loan…