FHA Mortgage Loans are not just for first time home buyers! FHA mortgage loans are issued by federally qualified lenders and insured by the U.S. Federal Housing Authority, a division of the U.S. Department of Housing and Urban Development.
FHA loans are an attractive option, especially for first-time homeowners:
Generally easier to qualify for than conventional loans.
Lower down payment requirements, current 3.5% minimum downpayment on purchases.
Refinance with as little as 2.25% equity in your home.
Cannot exceed statutory loan limits: many areas of Maine and New Hampshire qualify for mortgages over $300,000.
Recommended