An FHA loan is backed by the government, and it's easier to get than a conventional mortgage

Posted On: Mar 7, 2021   |   Posted By: Business Insider

An FHA loan is backed by the government, and it's easier to get than a conventional mortgage

Summary List Placement
To qualify for an FHA loan, you need a 3.5% down payment, 580 credit score, and 43% DTI ratio.
An FHA loan is easier to get than a conventional mortgage.
The FHA offers several types of home loans, including loans for home improvements.
Policygenius can help you compare homeowner's insurance policies to find the right coverage for you, at the right price »
Table of Contents: Masthead Sticky What is an FHA loan?
An FHA loan is designed to help people in less-than-perfect financial situations buy homes. This type of mortgage is especially useful for first-time homebuyers who may not have had time to save a ton for a down payment or pay down all their debts yet.
When you buy a home, you choose between two basic types of mortgages : conventional government-backed.
A conventional mortgage is not backed by a government agency, and it's a little harder to get than a government-backed loan. A conventional mortgage usually requires a 10% down payment, 620 credit score, and 36% debt-to-income...

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