The FHA, or the Federal Housing Administration, was established by the government to improve housing conditions for Americans.
An FHA mortgage can be an attractive option to many first-time home buyers, as down-payment requirements for a FHA mortgage can be less restrictive as well as other qualifying aspects.- As little as 3.5% down (up to 96.5%)
– Down payment can be 100% gift from a relative
– Less credit restrictions
– Lower private mortgage insurance (PMI) premiums
– No cash reserves required.