FHA: Federal Housing Administration
An FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA).
Benefits of an FHA Loan
- FHA loans typically require a lower down payment (usually 3.5% down for a purchase transaction)
- Available as fixed and adjustable rate mortgages in 15 and 30 year terms as owner-occupied residence
- Available for all income levels
- Refinance a current mortgage into an FHA loan