Tips and Tricks for New Homebuyers

Homebuying Process

FHA Loan

By: nate
January 17, 2019
An FHA Loan is a mortgage that’s insured by the Federal Housing Administration. They allow borrowers to finance homes with down payments as low as 3.5%. Even borrowers who have suffered from bankruptcy or foreclosures may qualify for an FHA-backed mortgage. The mortgage payment will include a mortgage insurance premium (MIP). The home must be the primary residence for the borrower(s).