Most people interested in buying a home have come across the mention of FHA loans, but they may not be sure what they are, how they work, or if they are eligible.

What is an FHA Loan?

FHA loans come from private lenders but are insured by the Federal Housing Administration (FHA). In case of borrower default, the FHA will pay the remaining balance. This guarantee minimizes a lender's risk in issuing a loan and allows it to give lower interest rates on mortgage loans. FHA loans may be either fixed rate (interest rates never change) or adjustable rate mortgages (ARMs), where rates vary over the life of the loan. The FHA also offers special refinancing and cash-out programs.

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