FHA is part of HUD or Housing and Urban Development. The federal department responsible for the major housing programs in the United States. HUD sets the guidelines for qualifying and states what loans they will insure.

FHA programs and guidelines tend to be the most flexible, since it is a government insured loan whose primary concern is to provide housing the all citizens of the U.S.

• FHA offers 3% down payment home loans

• FHA offers loan programs to purchase and refinance
  

• FHA allows all of your down payment to be a gift from a family member, relative, or non-profit organization
  

• FHA allows up to 6% of your closing costs to be paid by a homeseller to minimize the money you need to complete you home purchase
  

• FHA does not require credit scores which are mandatory for Fannie Mae conventional loans
  

• FHA offers the most flexible down payment, credit, and income qualifying guidelines of all home loans
  

• FHA offers all types of loan programs, such as a fixed rate, adjustable rate, or a buy down mortgage
  

• FHA will lend on most property types, such as a single family home, a duplex, a triplex, or a fourplex

Next, learn Who can obtain a FHA loan

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