The Federal Housing Administration (FHA) operates several low downpayment mortgage insurance programs that homebuyers can use to purchase a home with a downpayment of 3 percent or less of the cost of the home. The most commonly used FHA program is the 203(b) program which provides for down payment assistance on one- to four-family homes.  

You should consider choosing an FHA loan if you are a first time homebuyer, you need a low down payment requirement, you have less than perfect credit or you need a low monthly payment.Under FHA, the Seller can pay the closing costs for the buyer up to 6% of the purchase price.In many instances, the buyer is able to have all the closing costs paid by the seller.FHA also allows for gifted funds to be used to cover all closing costs and the required down payment.

FHA can be used to purchase or refinance an existing one to four unit home, townhouse, condominium or manufactured home.FHA provides a variety of fixed rate loans, adjustable rate loans , purchase rehab loans and streamline refinance loans.FHA will also accept a non-occupant co-borrower to increase the borrower's ability to qualify based on income.Generally, qualifications for FHA are more liberal than other loans, because the government is insuring the mortgage.

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