An FHA loan is a first-time homebuyer program. This program is commonly used by first time home buyers due to the low 3.5% down payment requirement as well as having a minimum credit score requirement of 580.

Federal Housing Administration (FHA) loans are federally-backed mortgages designed for low-to-moderate-income borrowers who may have lower than average credit scores.

These loans are administered by the Federal Housing Administration (FHA). The FHA makes it easier for borrowers and first-time buyers to qualify and helps lenders offer you lower interest rates.

When most people think about home loans, three options come to mind: fixed-rate mortgages, ARM loans and refinance loans. However, FHA loan options go beyond this.

Reverse mortgages are designed for homeowners aged 62 and older who could use a bump in income. They convert your home’s equity into income or a line of credit, but consumer counseling is a requirement. The mortgage is not repaid until the house is sold and if the sale doesn’t yield enough to repay the full loan, the FHA insurance covers what’s left.

An energy efficient mortgage allows you to take out a second mortgage or refinance up to 96.5% of your initial mortgage. It helps you to make up to $8,000 in energy efficient improvements on your home and lower your monthly utility bills.