The FHA loan is a great product with unique features for those looking to purchase or refinance a home.
The FHA Loan
The FHA loan is insured by the Federal Housing Administration and has flexible lending requirements. It is a great product for those with limited down payment or previous credit challenges.
The FHA loan can be done for purchase transactions, rate/term and cash-out refinances. This loan allows for higher debt-to-income ratios than traditional financing allow.
The monthly mortgage insurance is required and will remain on the loan for the term of the mortgage.