FHA loans are a great option for anyone looking to buy a home with little money for a down payment. In general, FHA loans require only a 3% down payment. In addition to the low down payment, there are several aspects of FHA loans that can help you decide if an FHA loan is the best option for you.
The basic FHA loan, 203(b), can be used to finance the purchase of a new or existing, one- to four-family, owner occupied, dwelling. This means that an FHA loan could be used for places such as condominiums, townhouses, duplexes, or traditional homes as long as the residence is...