Why get an FHA Loan?
Many homebuyers today either do not have sufficient cash to close or they have less than perfect credit. FHA is a mortgage insured by the Federal Housing Administration, a government agency within the U.S. Department of Housing and Urban Development.
Who can get an FHA loan?
Eligible borrowers must occupy the home as their primary residence and the mortgage must be below the HUD limits for the county the property is located in. Minimum down payment requirement is 3.5% of the lower of the appraised value or sale price. Funds gifted to borrower are allowed for down payment and closing costs.
Here is a link to find out more about FHA loans.