02/12/2024
FHA Inspection and Appraisal Requirements. Are you considering taking out an FHA mortgage (a loan backed by the Federal Housing Administration), but you're not sure what that means? Here are a few things you should know about an FHA loan:
- FHA loans allow down payments as low as 3.5% with a 580 FICO or 10% with a 500 FICO.
- The federal government insures FHA loans, but the loans are issued by private lenders.
- Mortgage insurance is required on all FHA loans, even if you put 20% down, but the amount and duration vary.
- The home must undergo an FHA appraisal and meet government standards for health and safety. [Read More}
An FHA loan is a mortgage insured by the Federal Housing Administration. FHA loans are designed for buyers with limited savings or lower credit scores.