FHA Loan Requirements: What Home Buyers Need to Qualify

By Daniel Bortz

Aug 18, 2017

If you're looking up "FHA loan requirements," you are very likely wondering if you qualify for an FHA loan. These mortgages, which are insured by the Federal Housing Administration, help home buyers secure financing to buy a home despite their low income, lack of savings, or poor credit scores—the kind of things that often prevent people from getting a conventional loan.

"FHA loans are a great option for a lot of home buyers, particularly if they're buying their first home," says Todd Sheinin, mortgage lender and chief operating officer at New America Financial in Gaithersburg, MD. And while not all lenders offer FHA loans, many do, because their government backing guarantees that lenders won't lose their money if the buyer defaults. So it's win-win all round!

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