FHA LoansThis is a government-backed loan administered by the Federal Housing Administration for buyers with poor credit or little money for a down payment. FHA loans come in two forms: 3.5% down
What is a FHA Loan?
Dated: October 9 2021
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FHA Loans
This is a government-backed loan administered by the Federal Housing Administration for buyers with poor credit or little money for a down payment. FHA loans come in two forms: 3.5% down payment for borrowers with credit of 580-619, or 10% down payment for borrowers with 500-579 credit. The one catch with FHA loans is that it requires monthly private mortgage insurance (PMI), which you can stop paying once you reach 20% equity. Many, but not all, mortgage lenders offer FHA loans. Most lenders only offer FHA loans to borrowers with credit of 580+ or 600+, but a handful serve borrowers with as little as 500 credit. Therefore, if you have poor credit, it pays to shop around for FHA loans.
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