FHA Loans are mortgages that are insured by the Federal Housing Administration and issued by an FHA-approved lender.
These loans are popular with first-time home buyers and low-to-moderate income borrowers because:
1. FHA Loans require a low minimum down payment
2. FHA Loans allow lower credit scores than conventional loans.
Keep in mind, FHA Loans may charge a slightly higher interest rate than conventional loans due to the more lax credit and down payment requirements.
For more info, contact a HBLending Home Loan Expert.