Taking out mortgages insured by the Federal Housing Administration (FHA) has its own advantages and disadvantages:
Advantages :
* Down payment is less
* Lower mortgage points and other closing cost requirements
* Resale can be made quicker
* It gains full faith and credit of the U.S. government
No age limit is mentioned, nor does the HUD request the borrower to have a certain income level, its simply one of the several factors that help a lender and the HUD to determine whether the borrower will be able to repay the mortgage.
