An FHA Loan is a mortgage loan that is insured by the Federal Housing Administration (FHA). Nearly 1 in 5 U.S. buyers uses an FHA loan to finance a home purchase. An FHA Loan is popular among first-time homebuyers because it requires a low down payment and you can have less-than-perfect credit.
Some benefits of an FHA Loan are lower credit score requirements, a smaller down payment, greater flexibility for homebuyers with recent bankruptcies and no pre-payment penalty for paying off a loan early.
Contact Patriot Home Loans if you have any questions about a applying for a loan!
