What is an FHA Loan?
A mortgage insured by the Federal Housing Administration – usually requires a good credit score and a down payment to qualify.
An FHA loan is a loan that is backed by the Federal Housing Administration. It is designed to help people buy a home who may not have the money to make a big down payment.
With an FHA loan, the borrower is able to make a smaller down payment and the government will help insure the loan, making it easier for the borrower to get approved.