What are the advantages of a FHA mortgage?
There are many advantages of a FHA mortgage. Typically, only a 3 percent down payment is required to secure a FHA mortgage. Unlike conventional mortgages, the money for down payment does not have to be verified as the buyer’s money; it can be a gift to the home purchaser from outside sources. In addition, the credit qualifications for a FHA mortgage are often less stringent than qualifications for conventional mortgages. Bankruptcy or foreclosure does not necessarily disqualify a borrower from approval if the processes have been completed within the required time period.
