By Shayla Mars  Updated on Tue Sep 10, 2013

4 Things to Know Before Applying for FHA Loan

4 Things to Know Before Applying for FHA Loan

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A Federal Housing Administration loan, or FHA, is a great loan to have. The FHA provides insurance-backed mortgage loans through approved FHA-lenders.

This loan protects lenders from losses that may arise from a defaulted loan. This loan only works for single/multifamily properties within the U.S. and it’s territories. This makes lending easier and borrowers can receive more attractive rates.

Below are 4 things to know when applying for a loan of this kind.

4 Things to Know Before Applying for FHA Loan

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