Homeownership is a dream for all. FHA loans provide an opportunity for many Americans, whether they’re first-time homebuyers, homeowners looking to refinance, or those looking to purchase a manufactured home. Each of these groups is eligible for an FHA loan. In addition to being backed by the government to guarantee the loan, other benefits of FHA loans include:
Lower down payment requirement
Streamlined financing process
Mortgage terms for 25-30 years
Closing costs of up to 6% of the purchase price can be included in the loan
Down payment gifts are accepted
FHA loans are assumable