Think your credit score is too low for a loan? Don’t have much to put forward for a downpayment? Allow us to introduce you to the FHA Loan; a federally-supported loan type designed with low to medium-income prospective homeowners in mind. Because of this, FHA Loans are not granted for secondary homes or investment properties.
With an FHA Loan, borrowers must pay both upfront and monthly mortgage insurance premiums. But even with multiple insurance payments and higher-than-average interest rates, an FHA Loan is often the most affordable loan option, making it popular with first-time homebuyers.