An FHA loan is a government-backed mortgage loan that allows you to buy a home with looser financial requirements. You may qualify for an FHA loan if you have debt or a lower credit score. You might even be able to get an FHA loan with a bankruptcy or other financial issue on your record.
A Federal Housing Administration (FHA) loan is a home mortgage that is insured by the government and issued by a bank or other lender that the agency approves. FHA loans require a lower minimum down payment than many conventional loans, and applicants may have lower credit scores than are usually needed. The FHA loan is designed to help low- to moderate-income families attain homeownership. As a result, they are particularly popular with first-time homebuyers.
Looking to purchase a house in Los Angeles or anywhere in California but can't apply for a traditional mortgage? FHA loan is an excellent option. The guidelines and requirements for an FHA mortgage are much more lenient: a low FICO score and small down payment are OK.
To be eligible for an FHA loan, borrowers must meet the following lending guidelines:
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