What is FHA loan?
What is FHA Loan and has anyone used it before? Is it easier to get FHA than the regular loan from a bank?
- Quicken LoansLv 51 decade agoBest Answer
FHA loans are loans that are insured by the Federal Housing Administration but the loan itself can be written by any licensed lender.
You can use an FHA loan for either a purchase or refinance. The big attraction with FHA loans is that they require very little down when purchasing and little equity when refinancing. They also tend to be a bit more flexible when it comes to credit scores as opposed to conventional loans.
Hope this helps - including a couple good articles for you.Source(s): https://www.quickenloans.com/mortgage-news/fha-loa... https://www.quickenloans.com/home-loans/fha-loan
- Anonymous1 decade ago
FHA loans are loans guaranteed by HUD. It is easier to get an FHA loan than a conventional loan. FHA also requires that you put only 3% down on the loan and allows up to 6% sellers concessions, i.e. the seller can contribute to your closing costs.
The wikipedia link above is a good place to learn more about FHA loans.
If I can be of any assistance, please email me.Source(s): In the mortgage business for over 20 years lending in 50 states.
- 4 years ago