FHA-insured mortgages can help more people enter the homebuying market. Some benefits an FHA mortgage loan program offers includes:

• Easier to qualify for than other mortgage loan programs because an FHA loan is backed by the Federal Government.
• FHA-insured mortgages require a lower down payment and gifts can contribute to the down payment funds.
• Offering more flexibility, those with lower credit may have an easier time qualifying.
• FHA loan programs typically have better interest rates than most traditional mortgage loans.
• Designed to keep homeowners in their homes, the FHA offers various programs to help homeowners during difficult times to keep your home from falling into foreclosure.

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• Property must be your primary residence.
• Employment status of at least 2 years.
• Steady, or increasing, income over a 2-year period.
• History of on-time payments with no more than 2 missed payments on your credit.
• Only certain properties are eligible including single-family homes, condominiums, double-wide manufactured homes, modular homes, and 2-4 unit properties.
• If you've filed bankruptcy, you must wait at least 2 years and have good credit since filing.
• Those with foreclosures must wait at least 3 years since the most recent foreclosure.