What is an FHA Loan?
An FHA loan is a government-backed mortgage. The Federal Housing Administration, an agency under the jurisdiction of the Department of Housing and Urban Development, backs FHA loans. Congress created FHA in 1934 due to the blow the housing industry took during the great depression. Ideally, FHA loans are geared toward people with lower borrowing capabilities.
What are the benefits of an FHA Loan?
- Less strict underwriting requirements
- Down payments as low as 3.5 percent
- Down payments may be gifted
- The buyer can have a non‐occupant co‐signer
- No cash reserve requirement
- Relatively competitive rates
Apply with Anderson Brothers Bank for an FHA Loan
- Trusted & Experienced
- Local Lenders
- Quick turnaround
- Hassle-free process