FHA loans are perfect for first time home buyers who don't have a 20% down payment saved or who need assistance with more flexible qualification requirements. FHA-approved lenders offer FHA loans that are insured by the Federal Housing Administration (FHA). Because FHA loans are designed to help first-time home buyers, there are differences compared to traditional loans. One difference is that income and allowable debt are subject to more flexible loan qualification requirements than a traditional loan, making it easier to qualify for this type of loan. Another difference is that there's a maximum loan amount, the limit of which varies depending on where the home is located.
Tough time finding the money for a down payment?
If accumulating a down payment to buy a home is a challenge that seems insurmountable, then a a FHA loan should be something to consider. Before you decide to purchase a home, ask yourself whether you are confident you will be able to comfortably pay the month