FHA Loans are backed and insured by the Federal Housing Administration. FHA loans are not only for first time homebuyers rather they are good for just about anyone. This time of loan is perfect for those who do not have a lot of cash in the bank for reserves. FHA loans can also be a great option for those that are recovering from credit issues like a foreclosure or bankruptcy on record.
FHA Advantages Include:
- Lower minimum credit score
- Lower down-payment options available with assistance for those who qualify
- FHA Loans are assumable
- Less restrictions & shorter period of time after financial hardships
- Non-occupant co-borrower to help qualify for the loan