Federal Housing Administration (FHA) Loans

These are loans that are insured by the FHA, or Federal Housing Administration.

Generally, most people can qualify for an FHA loan, with the two requirements being a social security number and a valid state driver's license.

These programs allow for lower down payments, higher debt-to-income ratios, and more flexible credit package underwriting guidelines.

Offered are fixed and/or adjustable rate mortgages, which tend to remain competitive with the conventional market.

However, they do have limitations as to maximum loan size, which can vary by county, and occupancy must be owner-occupied.

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