FHA Loans: Important Factors You Need to Know
AuthorReal Estate Experts. Date:
The most common type of loan homebuyers turn to when they’re looking for a mortgage is an FHA loan. But these loans aren’t right for everyone and there are some things you should know before you apply. In this article, we will discuss what FHA loans are, how they can affect your purchase, and what you should know before you apply. What is an FHA Loan? An FHA loan is a mortgage that’s insured by the Federal Housing Administration (FHA). This government agency creates and maintains housing guidelines that help protect lenders from loss in the event that a borrower defaults on their loan. The FHA does not actually lend money to homebuyers. Rather, they insure the loan which allows lenders to feel more confident when extending financing to borrowers with less than perfect credit or a limited down payment. How Can an FHA Loan Affect My Home Purchase? If … Continued
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