What is an FHA loan?

What is an FHA loan?

What is an FHA loan?

An FHA loan is a mortgage loan that is issued by the Federal Housing Administration (FHA) and is insured by the FHA.

FHA loans are meant to encourage home ownership among consumers who wouldn’t usually be approved for a mortgage without the government’s backing, such as first time home buyers and home buyers who aren’t able to afford making a large down payment.

The FHA sets the qualifying standards, dictates the terms of the mortgages offered and guarantees the loan.

FHA home loans are provided by private lenders such as banks and mortgage companies.

Here is where you can determine your eligibility for an FHA Loan in Tampa Florida.