FHA mortgage loans are issued by federally qualified lenders and insured by the U.S. Federal Housing Authority, a division of the U.S. Department of Housing and Urban Development.
FHA loans are an attractive option, especially for first-time homeowners:
Generally easier to qualify for than conventional loans.
Lower down payment requirements. Only 3.5% down payment required.
Cannot exceed statutory loan limits.
Low rates with FICO scores at 620 or higher.
Reverse Mortagges are available to individuals that are 62 years of age or older that may want to convert their equity to cash for a variety of persoanl reasons. Reverse mortgages may also be utilized to purchase a home with no monthly payments required for anything except taxes and insurance or condo fees if required.
Learn more about FHA loans. (Department of Housing and Urban Development)
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