FHA mortgages are insured by the Federal Housing Administration (FHA). They are issued by federally qualified lenders and are designed to help borrowers with high debt-to-income ratios (DTI) purchase or refinance their homes. If you default on this loan, the FHA will cover your lender’s losses, therefore mortgage insurance is required.
Low-to-moderate income borrowers with credit scores as low as 580.
Borrowers who can only afford a 3.500% down payment.
Borrowers who need the complete down payment to be a gift from a relative.
Refinancers with a small amount of equity in their home.
Fixed-rate: You’ll have the same interest rate and monthly payment for the entire repayment term, even long-term financing options such as a 30-year loan.
Adjustable-rate (ARMs): You’ll start off with a lower interest rate than the fixed-rate loan, but it will be adjusted from time to time, causing monthly payments and interest to change over time.
Low Down Payments and Less Strict Credit Score Requirements. Typically an FHA loan is one of the easiest types of mortgage loans to qualify for because it requires a low down payment and you can have less-than-perfect credit.
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