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.