An FHA home loan is insured by the Federal Housing Administration (under HUD) and offers low down payments (as little as 3.5%) and more flexible credit requirements than most conventional loans. This makes FHA loans especially attractive to first-time buyers, but you don’t have to be a first-time buyer to qualify.
To qualify, you’ll need an FHA-approved appraisal of the home, an inspection confirming it meets FHA’s minimum property standards, and a commitment to use the property as your primary residence (you must move in within 60 days of closing). Because FHA loans are designed to protect both lenders and borrowers, these guidelines help ensure the property is safe, secure, and livable.
