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Mortgage Research Center — NMLS #17094
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The FHA Loan is a mortgage option that, like the VA Loan, is guaranteed by the federal government. With the Federal Housing Administration backing a portion of each loan, applicants typically find an easier time qualifying for this mortgage option.
The popularity behind the FHA Loan stems from not only the lenient qualification standards, but the low down payment requirement of at least 3.5%. However, veteran and military homebuyers will find that the VA Loan offers similar qualification standards and no required down payment, as well as fewer fees associated with the mortgage - stemming from the lack of monthly mortgage insurance premiums.
Other key facts about FHA Loans include:
FHA Loans are often the loan of last resort, as they have the highest monthly mortgage insurance costs which last the duration of the mortgage. However, the FHA Loan is a great option for those working to improve their credit score without needing a large down payment.