FHA home loans may be for any financially qualified borrower. Some of the important factors include your credit history and FICO scores in order to secure the minimum down payment of 3.5%.
FHA loans are extremely popular with first time homebuyers who may not have saved enough for a large down payment.
Potential homebuyers can get an FHA home loan with as little as a 3.5% down payment.
FHA loans are known to be a flexible lending option. Suitable for first-time buyers, FHA loans have more flexible qualifications than conventional loans.
FHA loans and Conventional loans differ on several factors including lower down payment and the credit score requirements to qualify. Conventional loans typically require higher FICO scores and a minimum 20% down payment.