Learn how you can qualify for an FHA loan with a low down payment and flexible approval requirements.
For most Americans, the purchase of a home is possible with a mortgage. However, saving the traditional 20% down payment is an unattainable goal for some would-be buyers.
Enter the Federal Housing Administration, or FHA, loan program, which has helped Americans buy homes since the Great Depression and remains a popular choice because of its affordability. FHA loans allow for smaller down payments while resolving some of the underwriting challenges borrowers face. The FHA insures these mortgages, which are issued by FHA-approved lenders. With a government guarantee, a lender can offer more flexibility with underwriting requirements, including credit guidelines and down payments.
This guide explains the FHA loan process and offers recommendations for lenders that can meet your home-buying needs.
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Blog Author:- U.S. News Staff
Article Courtesy:- https://loans.usnews.com/fha-loans