FHA Loans

Today, this program offers a borrower the opportunity to purchase a home with only 3% down. Conventional loans still require 10%-20% as a down payment. FHA government home loans also allow the borrower to wrap the closing costs into the mortgage. Closing costs are typically the responsibility of the buyer, unless otherwise stated in the purchase agreement. The Federal Housing Administration currently has over 50 different programs in its portfolio of assistance to borrowers for homes, improvements, nursing homes, mobile home parks, multifamily projects, and land developments. FHA government home loan programs have also helped members of the armed forces, disaster victims, and those interested in urban housing renewal. Consumers can find more information on the Federal Housing Administration's website and also through local real estate agents.