WHAT IS AN FHA MORTGAGE LOAN?
An FHA mortgage loan is a home financing tool extended and insured by the Federal Housing Administration. Government backing allows lenders like Wasatch Peaks Credit Union to offer more affordable deals and better mortgage terms. These types of loans typically have much lower down payments, interest rates, and monthly payments than conventional mortgages.
Loan features:
- Low down payment requirements
- Competitive closing costs
- Flexible credit qualifications
- Financing for mobile and manufactured homes
- Fixed and adjustable-rate options
- Refinancing options for outside lenders
- High loan amounts determined by location
