If you are in the market for a mortgage, chances are you have come across these three letters in your travels: F.H.A.
The FHA Home Loan is a mortgage product that is insured by the Federal Housing Administration, allowing lenders to offer competitive rates, low down payments, and easy credit qualifications. The FHA has been offering this program since 1934 in order to help boost the housing market and get people into home ownership.
So why would you want an FHA loan for your home purchase? Why wouldn’t you? The following guide will give some pros and cons to the program that you can speak with your mortgage professional about!