FHA Loans result in lower down payments, lower interest rates, and better debt ratios. Customers can normally have a lower-than-average credit score and still qualify for an FHA loan.
Unfortunately, many lenders stay away from FHA loans — that's why we put together a list of the best lenders that offer FHA loans. Customers should also know that there is an MIP (mortgage insurance premium) that borrowers will likely need to pay.