FHA loans
Federally insured mortgages
FHA loans are home mortgages insured by the Federal Housing Administration, a U.S. government agency.
They allow buyers to qualify with lower credit scores and smaller down payments than conventional mortgages require—sometimes as little as 3.5% down.
Borrowers pay mortgage insurance premiums in exchange for this reduced barrier to entry: First-time buyers often start with an FHA loan.
- VA loansGovernment-backed veteran mortgages
- government-backed loansCredit secured by public authority
- down paymentInitial sum toward purchase
- fixed-rate mortgageLoan with constant interest
- paperworkAdministrative written tasks
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